Lei Jianping reported on May 4

Pinduoduo recently released a 20-F document. The annual report shows that as of February 28, 2022, pinduoduo founder Huang Zheng held 27.9%, Tencent held 15.5%, pinduoduo partners collectively held 7.3%, banyan partners funds held 6.6% and Sequoia Capital held 2.6%.

As of February 28, 2022, pinduoduo’s equity structure

As of March 31, 2021, Huang Zheng held 28.1%, Tencent held 15.6%, pinduoduo partners collectively held 7.4%, Gao Rong capital held 7.2% and Sequoia Capital held 6.4%.

As of March 31, 2021, pinduoduo’s equity structure

It can be found from the comparison that Gao Rong slightly reduced its holdings by about 0.6 percentage points in the past year, while Sequoia Capital reduced its holdings by about 3.8% of pinduoduo.

Huang Zheng’s equity changed greatly in 2020. Pinduoduo’s share price rose rapidly in 2020, and its market value once exceeded US $200 billion. Huang Zheng was unwilling to be China’s richest man and took the initiative to dilute his shares.

In July 2020, pinduoduo made the biggest adjustment since the listing of the company. Among them, Huang Zheng announced through a letter to the whole staff that Chen Lei, the former CTO of the company, was appointed CEO with the approval of the board of directors. Huang Zheng continued to serve as chairman. Pinduoduo also appointed Zhu Jianzhen, senior vice president, as the company’s general counsel and Ma Jing as the company’s vice president of finance.

Huang Zheng announced that according to the commitment made during the IPO, the “Star Charity Fund” was officially established and donated 113548920 ordinary shares of pinduoduo listed company (accounting for about 2.37% of the total shares of the company) together with the founding team, aiming to promote the construction of social responsibility and scientific research.

At the same time, Huang Zheng assigned 370772220 ordinary shares of pinduoduo listed company under his own name (accounting for about 7.74% of the total shares of the company) to the collective partners of pinduoduo.

On March 17, 2021, pinduoduo made further adjustments. Huang Zheng issued a letter to shareholders in 2021 and announced that he would step down as chairman of pinduoduo and be replaced by current CEO Chen Lei.

At present, the chairman and CEO of pinduoduo are Chen Lei, the independent directors are NANPENG Shen, Anthony Kam Ping Leung, George Yong boon Yeo and Qi Lu, and the directors are Haifeng Lin.

After Huang Zheng retired, pinduoduo’s strategy has also changed greatly.

Chen Lei, chairman and CEO of pinduoduo, previously said that pinduoduo will shift its focus from marketing to R & D in 2021, which will lay a solid foundation for the long-term development of the company.

Pinduoduo’s revenue in 2019, 2020 and 2021 was 30.142 billion yuan, 59.49 billion yuan and 93.95 billion yuan (about 14.743 billion US dollars) respectively; The gross profit was 23.8 billion yuan, 40.2 billion yuan and 62.232 billion yuan (about 9.766 billion US dollars) respectively.

Pinduoduo’s net profits in 2019, 2020 and 2021 were - 6.968 billion yuan, - 7.18 billion yuan and 7.769 billion yuan (about US $1.219 billion) respectively.

Pinduoduo’s net profit in the fourth quarter of 2021 was 6.62 billion, and its net loss in the same period last year was 1.376 billion; The net profit under non GAAP was 8.444 billion yuan, and the net loss under non GAAP in the same period of last year was 185 million yuan.

As of December 31, 2021, pinduoduo held 92.9 billion yuan in cash, cash equivalents and short-term investments. As of December 31, 2020, pinduoduo held 87 billion yuan in cash, cash equivalents and short-term investments.