Showing posts with the label China Business.
bbc.com Chinese tycoon abruptly quits tech giant he founded BBC News 3 minutes The founder of high-flying Chinese e-commerce group Pinduoduo has stepped down unexpectedly as chairman. Colin Huang is China's seventh richest person and is worth more than $50bn from his stake in the online firm. Mr Huang's exit comes as Pinduoduo overtook rival tech giants JD.com and Alibaba with 788m annual active buyers on its platform last year. But his company has been criticised for its work culture following the death of two employees recently. Mr Huang will explore "new, long-term opportunities", the company said in a statement on Wednesday, as it released figures stating it was now China's largest e-commerce firm. Shares in Pinduoduo, valued at close to $200bn (£143bn), fell by nearly 8% following the news, wiping about $4bn from Mr Huang's wealth. The former Google employee was briefly r