Executive Summary

• Pinduoduo reported 2Q19 revenues of ¥7.3 billion ($1.1 billion), up 169% year over year and beating the consensus estimate of ¥6.2 billion ($878.8 million).
• Operating expenses decreased, and operating margin improved to (20.4)%.
• There were 483.2 million active buyers on Pinduoduo’s platforms for the 12 months ended June 30, 2019, up 41% year over year.