(p. B4) SINGAPORE—Chinese e-commerce company Pinduoduo Inc.’s founder and chairman, Colin Huang, stepped down from the company on Wednesday [March 17, 2021], even as the five-year-old company overtook Alibaba Group Holding Ltd. to become the country’s largest e-commerce company by annual active buyers.
Mr. Huang, 41 years old, is resigning as China’s powerful internet sector comes under growing government scrutiny. His resignation follows another departure from a major company in the sector: Financial-tech giant Ant Group Co.’s Chief Executive Simon Hu stepped down earlier this month.
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Beijing in recent months has been moving to rein in China’s powerful internet sector including e-commerce companies. Among the hardest hit has been Alibaba, which is under antitrust probe; its fintech affiliate Ant, whose initial public offering was canceled in November ; and its founder Jack Ma.
This month, Chinese regulators fined Pinduoduo, alongside several other e-commerce companies, alleging anticompetitive practices.
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(Note: the online version of the story was updated March 17, 2021, and has the title “Pinduoduo Founder Colin Huang Steps Down From Company.”)
The fictional version is:
Rand, Ayn. Atlas Shrugged. New York: Random House, 1957.