黄峥致公司全员信：拼多多的一小步

十多年前，我们刚开始线上创业时，零售市场“控货+流量”的逻辑还是主流，在实践的磨砺中，我们看见了“普惠+人为先”的未来。

Source: https://www.pinduoduo.com/home/static/pdf/letter-pinduoduo-staff-another-baby-step-pinduoduo.pdf

Letter to All Staff: Another Small Step for Pinduoduo

> By Colin Huang · 2020-07-01 · [Original link](https://www.pinduoduo.com/home/static/pdf/letter-pinduoduo-staff-another-baby-step-pinduoduo.pdf) (Chinese)
> Our translation from the Chinese original.

More than ten years ago, when we first started our online venture, the logic of "controlling goods + traffic" was still the mainstream of the retail market. Through being tempered in practice, we saw a future of "inclusive benefit + people first".

Five years ago, a failed big promotion of ours during the Dragon Boat Festival instead made me believe even more that the model of "pin" [Translator's note: 拼, "team up", the 拼 of 拼多多, Pinduoduo] can effectively gather people's demand, and will surely create a different kind of social value in the future.

Now, we see that what the internet solves is no longer only a question of efficiency; people's virtual and real, online and offline, can no longer be untangled, and we believe "Costco + Disney" is surely the future of the retail consumer market.

In these few years, Pinduoduo has gone through rapid development. The rapid expansion of the team, the high-speed growth of the business and the drastic changes in the external environment are all urging us to further upgrade our management team and corporate governance structure.

Just yesterday, we convened a special board meeting, which approved an iterative adjustment of the management team:

From July 1, 2020, I will no longer serve as the company's CEO. The company's co-founder and CTO, Chen Lei (陈磊), will succeed as CEO.

At the same time, the company appointed Senior Vice President Zhu Jianchong (朱健翀) as the company's Chief Legal Officer (General Counsel), and appointed Ma Jing (马靖) as the company's Vice President of Finance.

I will continue to serve as Chairman of Pinduoduo.

Along with this adjustment, in accordance with the commitment made at the time of the IPO, I will formally establish the "Starry Night Charitable Foundation" (繁星慈善基金), and together with the founding team donate 113,548,920 ordinary shares of the listed company Pinduoduo held in our names (about 2.37% of the company's total shares), with the aim of promoting the building of social responsibility and scientific research. This charitable foundation is an irrevocable charitable foundation, managed by an independent trustee, guaranteeing that all assets of the charitable foundation are used entirely for public-benefit purposes.

Pinduoduo will continue to establish and improve its partner system. I will set aside 370,772,220 ordinary shares of the listed company Pinduoduo held in my personal name (about 7.74% of the company's total shares) to the Pinduoduo partners collectively. Part of it can, without affecting the interests of Pinduoduo's existing shareholders, carry out some exploration in long-term basic research, social public welfare and other areas, providing the company with additional long-term momentum and a storage battery; part can serve as supplementary incentives for future management.

Through this adjustment, I hope management can gradually hand more management work and responsibility to younger colleagues, let the team grow faster, and let Pinduoduo become a better, stronger company continually full of entrepreneurial vitality.

After this adjustment, I will spend more time with the board setting the company's medium- and long-term strategy, studying and improving the corporate governance structure, including the partner mechanism, and striving to push Pinduoduo up another step at the institutional level, gradually becoming a public institution with international competitiveness.

As I said in the shareholder letter before the IPO, Pinduoduo carries a unique social value; it is a public institution, not a tool for showing off personal ability, and it should not have too much personal color either. We will carry out our commitments and strive to improve its organizational structure and its "benfen" (本分) culture [Translator's note: 本分, roughly "doing one's proper duty", is kept in pinyin], so that Pinduoduo, following its own unique destiny, lives on without end and keeps evolving.

Chairman of Pinduoduo, Huang Zheng

July 1, 2020