Pinduoduo, China’s e-commerce star, suffers a blow
It faces a slowing economy, stiffening competition and angry merchants
Triumphs are fleeting in China’s fast-changing economy. Earlier this month Colin Huang, the founder of Pinduoduo, a Chinese e-commerce darling, became the country’s richest man. The company, founded in 2015, rose to success by offering a gamified shopping experience where users can buy in groups to secure lower prices. Today it is China’s third-largest e-commerce firm by sales, behind only JD.com and Alibaba.
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This article appeared in the Business section of the print edition under the headline “Rise and fall ”
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