Pinduoduo offers New York a Shanghai bargain, says AlecMac11
Shares in New York-listed Pinduoduo closed 17.4 percent lower at $25.12 on March 13, after the Chinese social e-commerce company reported an 18-fold increase in annual operating losses.
The Shanghai-based company, backed by Chinese internet giant Tencent, reported a 10.8 billion yuan operating loss for 2018, compared to a 596 million-yuan loss the previous year. Revenue for the year totalled 13.1 billion yuan, a 652 percent increase from 2017. However, operating expenses rose faster, to 21 billion yuan, up from 1.6 billion yuan the previous year. The biggest operating expense was sales and marketing, which ballooned to 13.4 billion yuan from 1.3 billion in 2017.
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