Pinduoduo'S Response To Huang Zheng'S Withdrawal From The Board: Still Holding 80.7% Voting Rights
Recently, according to public information, pinduoduo's business entity, Shanghai xunmen Information Technology Co., Ltd., has undergone a number of personnel changes, and Huang Zheng withdrew from the board seat.
According to reports, pinduoduo responded: "this change is a normal adjustment of vie structure. Although Huang Zheng withdraws from the board seat, he still has 80.7% voting rights, which will not affect the normal operation of the company."
Prior to this, pinduoduo released more details showing that Huang Zheng resigned as CEO of the company, and Chen Lei, the former CTO of the company, took over the post of CEO, and Huang Zheng continued to serve as the chairman.
In addition, according to the latest disclosure of SEC documents, Huang Zheng's control of pinduoduo shares fell from 43.3% in April 2020 to the latest 29.4%. In other words, Huang Zheng reduced his 13.9% stake in pinduoduo. According to pinduoduo's latest market value of $102.8 billion, his fortune disappeared by $14.289 billion (about 100.95 billion yuan).
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