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Hong Kong – Chinese e-commerce site Pinduoduo (PDD) plans to raise at least $ 1 billion in an initial public offering for US savings while it fights for market share against giants like Alibaba
tripled to $ 278 million in 2017, according to its filing with the US Securities and Exchange Commission, under the name Walnut Street Group Holding. Losses increased 55% to $ 79.5 million as trading volumes reached 141.2 billion yuan ($ 21 billion).
PDD has become one of the fastest growing start-ups in China by creating a Facebook-Groupon mashup. products then recruit friends to buy at a reduced price. It offers products up to 20% cheaper than the market price by allowing consumers to buy directly from manufacturers, removing middlemen, advertising costs and acquisition.
It had 55.9 million daily active users in June, according to a Shenzhen study. Jiguang consultant.
DP's valuation jumped about 10 times during its previous fundraising in April. It has raised more than $ 1 billion, at an estimate of about $ 15 billion, according to sources.
Bloomberg
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