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Pinduoduo (Chinese: 拼多多) is an e-commerce platform allowing users to participate in group buying deals. It was founded by Colin Huang as Shanghai Dream Information Technology Co., Ltd. in September 2015.

Pinduoduo Inc.
拼多多
Public
Traded asNASDAQPDD
IndustryInternet
Headquarters,
Key people
Colin Huang (founder)
ProductsE-commerce
Number of employees
1,200 (2017) Edit this on Wikidata
Websitewww.pinduoduo.com

HistoryEdit

The company was founded in September 2015. In July 2016, Tencent, Gaochun and Xintianyu invested more than US$110 million in the B round. By 2018, the number of users had exceeded 200 million, GMV had exceeded 100 billion yuan, and the daily order volume ranked second in mainland China only after Taobao.[1]

On July 26, 2018, the company was listed on the NASDAQ stock market in the United States under the ticker symbol PDD. The IPO price was $19.[2] It raised US$1.6 billion, making it one of the largest IPOs of 2018.[3] In February 2019, the company announced a public sale of more than US$1 billion of additional shares.[4]

ControversiesEdit

  • On June 7, 2018, China Legal Evening News reported that "there are many illegal and violent goods involved in the law," and you can buy cheap goods, and there are many commodities that involve pornography, violence, and illegal activities. Including the blade knife, pseudo base station device, motorcycle license plate and inflatable doll, etc.[5]
  • On January 20, 2019, the company reported theft of online discount vouchers worth tens of millions of yuan.[6] An online collective of users exploited a loophole in Pinduoduo's system and stole tens of millions of yuan worth of discount vouchers. The company notified the police about the incident.

ReferencesEdit

  1. ^ "Is it a lot of anti-supermarket value to evaporate in the past two months?". Retrieved 3 December 2018.
  2. ^ "拼多多IPO最终定价19美元 将于今晚正式上市". QQ. Retrieved 2018-09-20.
  3. ^ "The incredible rise of Pinduoduo, China's newest force in e-commerce". TechCrunch. Retrieved 2018-09-20.
  4. ^ "Chinese e-commerce challenger Pinduoduo is raising over $1 billion more". TechCrunch. Retrieved 2019-02-06.
  5. ^ "拼多多为什么回应?关闭涉事店铺 下架违规商品". Sohu. 2018-06-07. Retrieved 2018-09-20.
  6. ^ "China's Pinduoduo reports theft of online discount vouchers to police". Reuters. 2019-01-20. Retrieved 2019-01-21.

External linksEdit