China’s third-richest man is a relatively new kid on the block—and one of the country’s youngest billionaire entrepreneurs
The company logged revenue of $923.8 million in the first quarter — up 44% from the same period in 2019. Its net loss also widened to $582 million, up about 120% from the year before.
“Covid-19 has unleashed powerful forces that are changing the way we live, work and play. It has compressed the years of the behavioral change and accelerated the adoption of online commerce at an unprecedented pace,” Huang said in Friday's earnings call. “Our mission has never been more relevant or salient in these challenging times, which is to provide a fun and engaging environment for people to shop together and get the best value for their money.
Pinduoduo’s growth comes at a time of renewed tension between China and the U.S. and concerns about U.S.-listed Chinese companies. On May 20, the U.S. Senate passed a bill that would allow the Securities and Exchange Commission to bar trading of any stock if the listed company’s auditing firm cannot be inspected by the Public Company Accounting Oversight Board for three consecutive years. Companies would also have to establish that they’re not owned or controlled by any foreign government.
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