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Briefing: Market cap of Pinduoduo surpasses NetEase
拼多多三天累计涨40% 黄峥身家超越雷军和丁磊 – Beijing News
What happened: Shares of Chinese newly listed e-commerce platform Pinduoduo have jumped more than 40 percent in the last three days. The market value of the company reached $33.2 billion, more than that of NetEase. The net worth of Huang Zheng, founder and CEO of the company, jumped to $15.5 billion, surpassing that of Xiaomi’s CEO Lei Jun and NetEase CEO Ding Lei.
Why it’s important: According to analysts at Goldman Sachs, in terms of revenues, Pinduoduo is the fastest-growing company in the world. Pinduoduo was founded in September 2015 and is especially famous for the group buying model that allows customers to purchase products at very low prices. However, it has been accused of selling substandard products.