Company Profile

Founded in 2015, Pindot (PDD) is an innovative and fast-growing "new e-commerce" platform that provides buyers with value for money and an interactive shopping experience. Incorporate a lot of entertainment and sharing ideas into e-commerce operations: users initiate invitations, and after successful spelling with friends, family, neighbors, etc., they can buy high-quality goods at a lower price. At the same time, they can learn more through spelling. Consumers, through machine algorithms for accurate recommendation and matching.

Thanks to the innovative business model, since its inception, the number of buyers has expanded rapidly and established a certain brand awareness and market share in the market. In the whole year of 2017 and the 12 months ended June 30, 2018, the total amount of commodity transactions (GMV) was RMB 141.2 billion and RMB 262.1 billion respectively. In the first quarter of 2018, more than 170 million mobile platforms were completed. Pen order. In the 12 months ended June 30, 2018, there were more than 344 million active buyers. As of March 31, 2018, there were more than 1 million active businesses.

IPO information

Number of shares issued: 85,600,000 ADS (shared 342,400,000 A shares)

Over-allotment option: 12,840,000 ADS

Expected issue price: $16.00-19.00

Market capitalization: $19.386 billion (based on the median issue price and without considering over-allotment options)

Listed Exchange: Nasdaq Global Select Market

Stock Code: PDD

Date of listing: 2018/7/26

development path

Since the beginning of 2007, the founding team has been involved in the field of e-commerce. It has created the largest generation of operating companies in the maternal and child food industry and game companies with excellent research and development capabilities, providing omni-channel power for curious, pigeon, Anman, COFCO and other brands. Business operations services. Less than three years after its establishment, it has launched a number of rounds of large-scale financing, rough statistics, and the main financing records include:

In 2015-2016, the B round of preferred stock financing, totaling about 110 million US dollars;

In February 2017, C1 and C2 rounds of preferred stock financing, totaling approximately $110 million;

In June 2017, C3 round preferred stock financing, totaling about 100 million US dollars;

In March 2018, the D round of preferred stock financing, totaling about 1.37 billion US dollars.

Before the listing, many founders, chairman and CEO Huang Wei held about 50.7% of the shares, which was the company's largest shareholder; Tencent held about 18.5%, the second largest shareholder; Gaochun Capital and Sequoia Capital held 10.1 shares respectively. % and 7.4%, divided into the third largest shareholder.


September 2015

The multi-public number is officially launched, and the platform covers all categories of goods in a single-sheet mode;

WeChat payment pens ranked in the top three;

Two weeks after the launch, the number of fans exceeded 1 million.

January 2016

The turnover per day exceeded RMB 1 million;

The number of paid users exceeded 10 million.

September 2016

The total number of users exceeded 100 million;

The B round of financing was 110 million US dollars.

November 2016

The daily trading volume exceeded RMB 200 million.

September 2017

The number of users exceeded 200 million.

Profit model

Compared with the traditional e-commerce platform, the most distinctive feature of the multi-platform platform is the "single-single" mode. For each item on the platform, the combination usually provides buyers with "single purchase" and "initiation of the order". If the buyer chooses the order, they can enjoy a lower purchase price.

When the buyer looks at a product, he can choose to initiate a spelling, and share the product information with friends through WeChat or QQ to form a shopping group. When the number of shopping groups reaches the minimum requirement of the product, buy The home can buy the item at a lower price. Buyers can also join a shopping group that is being formed to participate in a single-single event.

After the shopping group is formed by the buyer, the platform will display a 24-hour countdown. If the number of buyers participating in the order within 24 hours does not reach the minimum number of orders specified in the item, it means that the order fails, the buyer Need to re-initiate the spelling. Conversely, once the number of people in the list is up to standard, it means that the order is successful, and each buyer participating in the unit can enjoy a lower purchase price.


The single-sheet mode enables more and more buyers to acquire more buyers, and it also rapidly expands the user base of the platform. In order to obtain a lower purchase price, buyers usually invite their friends to make a single order, and new buyers will recommend the platform to other buyers in order to enjoy more purchase discounts. This model creates a consumer connection between the buyer and its friends or other buyers, which helps to enhance the consumer's sense of shopping participation, while also reducing the cost of the platform.

As an e-commerce platform, the company does not directly sell goods, but adopts the merchant entry mode. The products on the platform are provided by different third-party merchants, and the price is also set by the merchant, but the platform generally encourages the merchant to provide consumers with the most attractive price.

Strive to implement strict control measures for the merchants to ensure that the goods sold by the merchants are truthfully described. And before the goods are allowed to be sold, the platform will require the merchant to pay a deposit, which is intended to regulate the relevant policies of the merchants to comply with the platform. The amount of deposit paid depends on the type of merchandise sold by the merchant.

The core competitiveness of a lot of innovation lies in the innovative model and high-quality and low-priced goods: the single order means that users and orders are flooded in a large amount and quickly, and the rich orders make it possible to directly cooperate with the suppliers to save dialogue. In the middle link, the C2B model is realized, and the price advantage is reflected.

Industry overview

According to the National Bureau of Statistics, China's total retail sales increased from RMB 24.3 trillion in 2013 to RMB 36.6 trillion in 2017. According to the "13th Five-Year Plan" of the Ministry of Commerce on domestic trade, it is estimated that by 2020, the size of China's retail market will increase to 48.0 trillion yuan.

At the same time, according to iResearch, China's online retail market has increased from 1.9 trillion yuan in 2013 to 6.1 trillion yuan in 2017, with a compound annual growth rate of 33.9%. It is expected to further increase to 108,000 by 2020. 100 million yuan. In addition, according to data from China Internet Network Information Center (CNNIC), the number of online shopping in China increased from 302 million in 2013 to 533 million in 2017, accounting for 70.8 of the total number of Chinese mobile Internet users (753 million) in 2017. %.

It is believed that China's e-commerce industry will continue to grow and benefit from the following development trends, and the future industry format is expected to be reshaped: First, as consumers continue to use their fragmented time for online and shopping anytime, anywhere, mobile End-to-end shopping has dominated the online retail market in China; second, as the logistics infrastructure is further consolidated and consumer usage of mobile payments is increasing, mobile shopping becomes more efficient and convenient; in addition, due to spending power Promoting and pursuing a higher standard of life, third- and fourth-tier cities have become an important market for e-commerce. Finally, a more straightforward e-commerce model that touches consumers can benefit many SMEs.


Financial overview


Advantages and prospects

1. Innovative “new e-commerce” platform, revenue growth is rapid.

2. Provide platform consumers with value for money under the premise of “heavy quality”.

3. Create a fun and interactive shopping experience with a highly active user base.

Risk and crisis

1. The operating history is limited and has not yet achieved profitability. The past high-speed growth does not represent the future development prospects.

2. The e-commerce industry is highly competitive, and traditional giants have a competitive advantage in many aspects.

3. Depending on the goods offered by a third-party merchant, the attractiveness of the price of the product depends on the reciprocal relationship between the platform and the merchant.

company information

Company Name Pinduoduo Inc.

Time to market 2018-07-26

Official website

management team

Chairman of the Board of Directors Huang Wei

CEO Huang Wei

Listed exchange

NASDAQ Stock Exchange

Industry e-commerce

Address 28/F, North Building, Jinhongqiao International Center, 533 Lushanguan Road, Changning District, Shanghai

The largest shareholder Huang Wei

shide lim