During the 12 months ended September, each spent CNY1,567 (USD219) on average, an increase of 75 percent from a year earlier. The Pinduodo IPO price was 19 USD per share. This made it one of the largest IPOs in 2018. In 2018, Pinduoduo went public on the NASDAQ stock market in the United States, raising 1.6 billion USD through a US IPO (Initial Public Offering). Still, the ones who did end up buying something used more money. Tencent, the tech giant behind We Chat, and other investors funded more than 110 million USD in 2016. The number of active buyers only rose by 39 percent to 536 million. However, not every user ended up buying products on the platform. Its MAU edged up 85 percent to 429.6 million from a year ago. "We continued to invest in our users throughout the third quarter, and stepped our marketing up a notch from the second half of September for the launch of our anniversary sale," Chief Executive Zheng Huang said in the report.īoosted marketing efforts have been fruitful as the firm logged the biggest increase in monthly average user numbers since going public. Sales and marketing expenses more than doubled to CNY6.9 billion while spending on tech R&D rose more than threefold to CNY1.1 billion. Pinduoduo did not release its sales figures, citing its focus on user experience.Įnlarged spending on marketing, as well as on technology-related research and development partly explains Pinduoduo's widening losses. Pinduoduo competes against e-commerce giants Alibaba Group Holding and JD.Com - both of which reported promising sales over China's Black Friday-like Singles Day shopping festival earlier this month. Its revenue rose by twofold to CNY7.5 billion. initial public offering (IPO) at 19 per American depositary share (ADS), raising 1. Pinduoduo's loss widened to CNY2.3 billion (USD326.5 billion) over the quarter from a year ago, the firm said in its earnings report released yesterday before the market opened. Chinese online group discounter Pinduoduo Inc priced its U.S. The Shanghai-based firm raised USD1.6 billion in one of the largest initial public offerings of 2018, pricing its shares at USD19. Shares of the bulk-buy platform owner tumbled by 23 percent to USD31.40 yesterday. ![]() 21 - Pinduoduo's stock price slumped the most since it went public in July last year after China's third-largest e-commerce platform by sales posted weaker-than-expected earnings for the third quarter.
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