March 17, 2021: Colin Huang, the founder of fast-growing Chinese e-commerce giant Pinduoduo, has resigned as chairman.

In a shock move, the company announced that Huang stepped down from the board of directors to explore future growth ideas on Wednesday.

Pinduoduo listed on the focused technology Nasdaq stock exchange in New York in July 2018, just three years after it was founded. At the time of the starting public offering, its shares were priced at $24.6.

They’re trading at $160.9, with the company’s value at $197 billion.

On Wednesday, the company of Shanghai’s share price decreased 7.6% in pre-market trading off the back of the news.

In a letter to shareholders, According to Huang, Pinduoduo has “become a youth entering adolescence.”

“Observing its rapid transformation and growth, I’m both joyful and anxious. Pinduoduo will grow journey careless of being nervous, excited, or frightened as its guardian,” he wrote.

Pinduoduo said that Huang would “pursue research in the food and life sciences, disciplines where breakthroughs drive China’s future largest agriculture platform.”

Chen Lei, who replaced Huang as Pinduoduo’s CEO last July, will also serve as its chairman.

Huang has entrusted the board to exercise his voting rights as a shareholder and pledged not to sell his shares for three years. Pinduoduo said the 1:10 voting rights attached to Huang’s claims had been removed.