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Chinese e-commerce company Pinduoduo Inc.’s founder and chairman, Colin Huang, stepped down from the company on Wednesday, even as the company overtook Alibaba Group Holding Ltd. to become the country’s largest e-commerce company by annual active buyers.
Huang, 41, is resigning as China’s powerful internet sector comes under growing government scrutiny. His resignation follows another departure of the fintech giant Ant Group Co.’s Chief Executive Simon Hu who stepped down earlier this month.
Huang said in a letter to shareholders that the board approved his resignation as the chairman . . .
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