China-based e-commerce platform company Pinduoduo Inc. /zigman2/quotes/208876581/composite PDD +1.13% 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 /zigman2/quotes/206267952/composite MCHI +2.52% has gained 2.1% and the S&P 500 has slipped 4.0%.