Executive Summary

• Pinduoduo recorded 4Q18 revenue of ¥5.7 billion, up 379.4% year over year while FY18 revenue was ¥13.1 billion, up 652% year over year.
• Operating expenses continued rising with operating margin worsening to a negative 46.7%.
• Active buyers on Pinduoduo’s platforms for full year 2018 were 418.5 million, increasing 71% year over year.