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Pinduoduo grew very strongly in 2020 but lost CNY 7B

Pinduoduo has released its 2020 financial statements. In this, sales increased to CNY 59B (+210% YoY). There were 8.6M active merchants (+69% YoY) which reached more than 788.4M buyers (+34.7% ) with an average annual spending per user of CNY 2,115.2, while the GMV was CNY 1,667B (+66.7%). The total net loss is CNY 7.18B. Proportionally for this result, Pinduoduo has strongly reduced the sales and marketing expenses.


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