On August 26th, Pinduoduo released its second quarter financial report, with revenue of 97.1 billion yuan, a year-on-year increase of 86%.
Chen Lei, Chairman and Co CEO of Pinduoduo Group, stated that since the beginning of this year, competition in the e-commerce industry has intensified. The platform will invest billions of resources to support new quality merchants, reduce billions of transaction fees for high-quality merchants, continuously improve the quality and efficiency of the supply chain, and improve ecological governance to cope with the increasingly fierce industry competition.