Pinduoduo Rumored to be Filing for U.S. IPO Next Week

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On the morning of June 28, sources from China Entrepreneur Magazine disclose that leading e-commerce platform Pinduoduo is rumored to be filing for an IPO at the U.S. Securities and Exchange Commission next week, with Goldman Sachs and China International Capital Corporation as the main underwriters.

Pinduoduo CEO Huangzheng, however, has declined to comment. There were also rumors that the company would be valued at $30 billion after the IPO.

Huangzheng, Pinduoduo CEO
Huangzheng, Pinduoduo CEO. Image Source: VCG

According to walkthechat, Cheetah Mobile published a ranking of e-commerce apps in China on the December 9, 2017 where Taobao was ranked first, and Pinduoduo second. And as Pandaily has covered, in February 2018, Analysys.cn released the list of Top 100 WeChat mini-programs, and Pinduoduo ranked third in the number of users.

According to official data from Pinduoduo, it currently has 300 million users and over 1 million business owners. An earlier report by Chinese media also states that Pinduoduo has achieved 100 billion of GMV in two years, while it took five years for Taobao and ten years for JD.com. According to the latest report issued by Jiguang, a big data service provider, Pinduoduo has surpassed JD.com to become the second largest comprehensive e-commerce platform in terms of penetration rate.

During the three years since its establishment, the company has obtained four rounds of financing, with investors including Tencent, Sequoia China, IDG, and Banyan Capital. In its latest round in April this year, it is said that Pinduoduo received $3 billion of financing in total, with both Tencent and Sequoia China as lead investors. Sequoia China also lead the round completed at the end of 2016.
Featured Image Source: VCG

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