I'm a senior editor and the Shanghai bureau chief of Forbes magazine. Now in my 22nd year at Forbes, I compile the Forbes China Rich List. I was previously a correspondent for Bloomberg News in Taipei and Shanghai and for the Asian Wall Street Journal in Taipei.
Su Hua, a co-founder of China video-sharing and live-streaming platform Kuaishou Technology, will step down as chairman effective Oct. 29 “due to his other business commitments,” the company said in a statement on Friday evening.
Cheng Yixiao, Kuaishou’s current CEO and also a co-founder, will also serve as chairman starting Oct. 29. The former Hewlett-Packard executive is worth $2.7 billion on the Forbes Real-Time Billionaires List. Kuaishou’s stock offering raised $5.4 billion from the sale of 365 million shares at HK$115 each, one of the world’s largest tech IPOs at the time, and valued the company at more than $160 billion. Its shares peaked at approximately HK$400 shortly after; they closed at HK$56.55 on Friday amid a broad downturn in China tech stocks, heightened U.S.-China geopolitical tension, and slower economic growth in the country, the world’s second-largest economy.
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