https://apnews.com/ea652eda14c947d0dce5ca4af98d9a77

HONG KONG (AP) — Colin Huang, founder of the Chinese e-commerce firm Pinduoduo, stepped down as chairman Wednesday just as the company’s annual user base surpassed that of rival Alibaba.

Huang, who founded Pinduoduo in 2015 and is China’s third-richest man with a net worth of about $56 billion, said that he is giving up the chairmanship to pursue research in food and life sciences.