Huang Zheng, 40 years old and low-key, doesn’t want to be the richest man?

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Sina Technology He Chang
On July 1, Huang Zheng announced that he would no longer serve as CEO of pinduoduo, and Chen Lei, co-founder and CTO, took over. Huang Zheng said that through this adjustment, he hopes to gradually hand over more management work and responsibilities to younger colleagues. As for himself, he will continue to serve as the chairman of the board, focusing on the formulation of the company’s medium and long-term strategy, as well as the research and improvement of the company’s Governance structure.
Huang Zheng’s resignation seems to have come suddenly. Pinduoduo was founded in September 2015, less than five years ago. On July 26, 2018, pinduoduo launched a new journey on NASDAQ. Compared with its peers Alibaba and Jingdong, pinduoduo is actually very young – Alibaba is about to turn 21, and Jingdong, which was listed in Hong Kong for the second time, has a history of 17 years.
An Internet industry analyst told Sina technology that this does not mean that Huang Zheng retired from pinduoduo, but means that he will devote himself to a larger pattern and focus on a longer-term goal in addition to his specific business.
In Huang Zheng’s own words, “strive to promote pinduoduo from the institutional level, and gradually become a public institution with international competitiveness.”
40 year old “leave” business line
Huang Zheng is a post-80s generation. He is just 40 years old this year. Like Zhang Yiming and Wang Xing, Huang Zheng is an Internet youth group. Compared with Ma Yun, Zhang Chaoyang, Ma Huateng and Liu qiangdong, Huang Zheng is definitely a “backward wave”. In March this year, the Hurun Research Institute released the 2020 Hurun Global Young self-made rich list, with Huang Zheng ranked second and Zhang Yiming third.
Both Huang Zheng and Zhang Yiming have found a new goal in this year – looking around the world, Zhang Yiming has acted earlier than Huang Zheng.
More than three months ago, byte beat announced its organizational upgrading. Zhang Yiming handed two trumps to Zhang Lidong and Zhang Nan. The former served as the chairman of bytecomb China, while the latter was responsible for China’s CEO. The two men respectively planned the strategy, commercialization and product operation of byte jump China. As the Global CEO of byte hop, Zhang Yiming will spend more energy on the company’s global business We should focus on long-term major issues and strategic thinking.
The choice of “houlang” and “houlang” are similar.
However, in fact, pinduoduo’s adjustment is closely related to its current development. In the past 618 e-commerce consumption season, it has become an arena for Alibaba, JD and pinduoduo. Under the “Three Kingdoms killing” pattern, pinduoduo is advancing at a high speed. On April 14, the market value of pinduoduo exceeded US $50 billion. In less than three months, pinduoduo’s market value exceeded US $100 billion, making it the fourth Chinese Internet enterprise with a market value exceeding US $100 billion after Tencent, Alibaba and meituan. So far this year, its stock price has risen by more than 120%. In terms of business, pinduoduo’s financial report in the first quarter of 2020 shows that as of March 31, its annual active users have reached 628 million, corresponding to that, Alibaba’s annual number of active users in China’s retail market in fiscal year 2020 is 726 million, and that of Jingdong in the 12 months ending March 31 is 387.4 million.
Huang Zheng believes that the rapid expansion of the team, the rapid growth of business and the drastic changes in the external environment are urging pinduoduo to further upgrade its management team and corporate governance structure. His decision is based on this background, which is an adaptation and a breakthrough.
Charity, not the richest man?
In the internal letter, Huang Zheng also mentioned that the “Fanxing charity fund” would be formally established, and together with the founding team, he would donate 2.37% of pinduoduo’s shares to promote social responsibility construction and scientific research. It is reported that the charity fund is an irreversible charity fund, managed by an independent trustee, to ensure that all assets of the charity fund are used for public welfare purposes.
“When I read his philosophical letter to shareholders, I felt that he was either going to become a monk or to do charity, but I didn’t expect to do charity so fast.” Some people in the e-commerce industry said to Sina Technology.
In his third annual shareholder letter, Huang Zheng shared his personal views on such grand propositions as time, from which he could also express his grasp of pinduoduo’s past, present and future: “we are more and more aware of our responsibilities. We need to prove that our generation is advancing with the times and different from the past. In this new world, new species and new creatures are bound to be born and thrive. ”
“We will invest more firmly in the future and strive to build the new world ahead,” he stressed. In this new world, our journey is just beginning. ”
There are many ways to invest in the future and build a new world. Huang Zheng’s choice is to devote himself to charity and devote more of his energy and thinking to “international competitiveness”.
Huang Zheng’s stake in pinduoduo has also changed. According to the latest sec documents released by pinduoduo, Huang Zheng’s shareholding ratio fell to the latest 29.4% from 43.3% in April this year. Accordingly, its voting power has also decreased from 88.4% to 80.7%.
At the same time, the pure treasure limited company jointly owned by Huang Zheng and angel investors holds 3.77% of pinduoduo’s shares, which are transferred to the name of the angel investor and no longer controlled by Huang Zheng.
In addition, Huang Zheng took out 7.74% of pinduoduo’s shares in his name to the collective partners to improve the partnership system. He said that some of them can carry out some long-term basic research and social welfare exploration without affecting the interests of existing shareholders of pinduoduo; some of them can be used as supplementary incentives for future management.
Basic research, scientific research, this is actually Huang Zheng most want to do. In an interview with Caijing magazine, he once said that he hoped to be transformed into a real scientific researcher in the future. “I think the non-profit and wholehearted scientific research work will contribute more to human beings.”

A week ago, data from the Forbes real-time rich list showed that Huang Zheng surpassed Ma Yun to become the second richest person in China with a fortune of 45.4 billion US dollars, a step away from Ma Huateng. Now, Huang Zheng has become the third. “Huang Zheng is not the richest man, but from the perspective of pinduoduo’s development speed, the richest man may only be a matter of time, but dilution of equity means the decline of his value. He may not want to be the richest man.”. One user wrote on the social platform.