Pinduoduo names former CTO Lei Chen as its CEO

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China-based e-commerce platform company Pinduoduo Inc. named on Wednesday Lei Chen as its chief executive, effective immediately. Chen, a founding member of the company, was formerly chief technology officer since 2016. Former CEO and founder Zheng Huang will remain as chairman of the board of directors. “The management changes will place us on an even stronger footing to strive for the next level,” Zheng Huang said. Pinduoduo’s stock rose 0.7% in premarket trading. It has more than doubled (up 127%) year to date through Tuesday, while the iShares MSCI China ETF has gained 2.1% and the S&P 500 has slipped 4.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.