PINDUODUO Inc.’s founder Colin Huang Zheng stepped down as chairman Wednesday, even as the firm overtook rival Alibaba to become China’s largest e-commerce platform by users.

The Shanghai-based company reported 788.4 million annual active buyers for the 12 months to the end of 2020, overtaking rival Alibaba Group to become China’s largest e-commerce platform by users. Alibaba recorded 779 million annual active buyers during the same period.

But shares in U.S.-listed Pinduoduo fell 8 percent Wednesday, after Huang told shareholders he would step down as chairman.

The 41-year-old Huang, who owns about 30 percent of Pinduoduo, will also give up his super voting rights.

Current chief executive Chen Lei succeeded Huang as chairman. “We are proud that we have become the world’s largest e-commerce platform by user number,” Chen said on a call with analysts Wednesday.

Lu Zhenwang, an independent e-commerce expert and chief executive officer of Shanghai-based Wanqing Consultancy, said the resignation of Huang triggered the fall.

“It’s a natural reaction though I think the investors over-reacted.” Lu said. (SD-Agencies)