Huang Yan announced that he stepped down as CEO and had reduced his personal shareholding in the company about $ 14.3 billion.Since March this year, the stock price of this online shopping company in China has risen more than doubled.
COLIN Zheng Huang, the founder of Pinduoduo, the founder of China Online Shopping Company, will resign from the company's CEO and reduce his personal shareholding in the company about $ 14.3 billion.
I will no longer participate in the company's daily operation and management, and spend more time with the company and the company's long -term strategy and corporate structure of the company and the board of directors, Huang Yan said in a statement.
In the declaration document submitted to the US Securities and Exchange Commission (SEC), Pinduoduo disclosed that since March 31, Huang Yan directly or through the offshore trust that he controlled by his control reduced the shares of the company's shares by 665 million, which is equivalent to the total shares.13.9%of the amount.
Huang Yan said in a letter to the employee that the founding team of Pinduoduo donated 113.5 million shares to the Star Charity Fund.Pinduoduo said in the first public offering (IPO) in 2018 that the company will invest 2.4%of stocks into a charity to support employees with emergency needs and promote corporate social responsibility.
Huang Yan said that the other 371 million shares he held will be transferred to the collective of Pinduoduo partners, conducting some long -term basic research exploration, and using part of it as a supplementary incentive for future management.As of April this year, the collective management committee of the partner only included Huang Yan and the new CEO Chen Lei.
The rest of the shares (about 180 million shares, about 3.8 billion US dollars) of Huang Yan's shares were not mentioned.
After this reduction, Huang Yan still holds 29.4%of the company's shares, and the voting rights he holds a lot of voting have been reduced from 88.4%to 80.7%.Pinduoduo did not respond to the reporter's comment request immediately.
Since March this year, the company's stock price has risen more than doubled, but it has always faced market concerns, including providing huge subsidies to consumers, and power concentrated on Huang Yan.Before Wednesday, Huang Yan has been the company's chief executive officer, chairman and de facto chief financial officer.
Pinduoduo appointed Chen Lei, his chief technician as the CEO.Chen Lei is a classmate of Huang Yan at the University of Wisconsin-Madison at the University of Wisconsin. He has cooperated with Huang Yan in many entrepreneurship, including Xinyoudi.
Our new CEO Chen Lei is a key member of the founding team of Pinduoduo. He has been actively participating in Pinduoduo's operating decisions, Huang Yan said.
Huang Yan founded Pinduoduo in 2015. He will continue to serve as chairman and have most of the voting rights that can fully control Pinduoduo.
In recent weeks, as investors have bet on the rapid growth of Pinduoduo, their market value has risen to more than $ 100 billion.
The company also said that Ma Jing appointed Ma Jing as the new vice president of finance.Ma Jing had previously held financial -related positions in China in a luxury group Chanel.
For our senior financial positions, what we value most is integrity and skills, Huang Yan said.The company did not immediately explain whether Ma Jing would begin to certify his financial performance, nor did he explain why he did not get the title of chief financial officer.
Translator/He Li
