Pinduoduo

Nasdaq-listed Pinduoduo (PDD) submits its first financial earnings report after its recent listing. The e-commerce firm saw its revenue jumped by 2489% to around RMB 2.7 billion ($395 million) for Q2

Overall, Pinduoduo users bargain-hunters, more likely to buy an expensive product that is heavily discounted than cheaper yet undiscounted products.

Pinduoduo (PDD), a recently-listed Chinese e-tailer, announced (link in Chinese) on Wednesday evening that it will close 1,128 of its stores and remove up to 4.3 million of the items on its platform.

Another competitor in China’s group buy e-commerce market.

Just days after listing on Nasdaq, Chinese e-commerce marketplace Pinduoduo has been accused by electronics manufacturer Skyworth of allowing counterfeit products to be sold.

The rise of a potent rival in China’s e-commerce sector.

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