atans1

Great PR BS as Alibaba eats rival’s lunch

In China, Internet on 21/11/2019 at 10:52 am

Pinduoduo (China’s fastest-growing ecommerce site) posted 123% sales growth in its latest quarter, narrowly missing market expectations. Its losses unexpectedly more than doubled, and shares were down 22% in early trading.

“When numbers are really beautiful, it will usually mean . . . we were being too conservative,” said Pinduoduo founder and chief executive Colin Zheng Huang, FT reports. Btw, he owns 44.6% of the co and 89% of the voting power.

He claims Alibaba is asking retailers to choose between the his co or Alibaba.

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