Lei Jianping reported on April 30
Pinduoduo today submitted a 20-F document to the US SEC, which shows that as of March 31, 2021, Pinduoduo founder Huang Zheng held 28.1%, Tencent held 15.6%, Pinduoduo partners collectively held 7.4%, Gaorong Capital held 7.2%, and Sequoia Capital held 6.4%.
As of March 31, 2021, Pinduoduo's shareholding structure
As of April 13, 2020, Huang Zheng held 43.3% of the shares and had 88.4% of the voting rights; Tencent held 16.5% of the shares, with 3.4% of the voting rights; Gaorong Capital held 7.7% of the shares, with 1.6% voting rights; sequoia Capital held 7% of the shares, with 1.4% voting rights.
As of April 13, 2020, Pinduoduo's shareholding structure
Huang Zheng's equity has undergone very big changes in 2020, Pinduoduo's stock price has risen rapidly in 2020, and the market value has exceeded 200 billion US dollars, while Huang Zheng is unwilling to be China's richest man and has actively diluted the shares.
In July 2020, Pinduoduo made the biggest adjustment since the company's listing, in which Huang Zheng announced through a letter to all employees that Chen Lei, the former CTO of the company, would be appointed as CEO with the approval of the board of directors. Huang Zheng continued to serve as chairman. Pinduoduo also appointed Senior Vice President Zhu Jianchong as the company's Chief Counsel and Ma Jing as the Company's Vice President of Finance.
Huang Zheng said that in recent years, Pinduoduo has experienced rapid development. "The rapid expansion of the team, the rapid growth of the business and the drastic changes in the external environment are all urging us to further iteratively upgrade our management team and corporate governance structure."
After this adjustment, Huang Zheng will spend more time with the board of directors formulating the company's medium- and long-term strategy, studying and improving the corporate governance structure including the partnership mechanism, and striving to promote Pinduoduo to a higher level from the institutional level, and gradually become an internationally competitive public institution.
At the same time, Huang Zheng announced the formal establishment of the "Stars Charity Fund" in accordance with the commitments made at the time of the IPO, and together with the founding team, donated 113,548,920 ordinary shares (about 2.37% of the total number of shares of the company) to the listed company under the name of Pinduoduo, aiming to promote social responsibility construction and scientific research.
At the same time, Huang Zheng allocated 370,772,220 ordinary shares (about 7.74% of the total number of shares of the company) to the Pinduoduo partner collective under his personal name.
On March 17, 2021, Pinduoduo made further adjustments, and Huang Zheng issued a 2021 annual letter to shareholders, announcing that he would step down as chairman of Pinduoduo and be replaced by the current CEO Chen Lei.
In the letter, Huang Zheng said that Pinduoduo is still very young, there are still very thick, very long snow slopes, and there is still a relatively long period of high-speed growth space, if you want to ensure high-speed high-quality development after 10 years, some exploration is now timely. As a founder, I hope to "jump out and touch the stones on the road in 10 years."
Huang Zheng said, "The increasingly fierce competition and even alienation of the industry made me realize that this traditional competition based on scale and efficiency is inevitable. To change, we must act on deeper, fundamental issues, find answers to core technologies and their underlying theories," and "I want to do some research in food science and life sciences."
In the letter to shareholders, Huang Zheng talked about his ambition and interest as a child, which is one of the reasons why he chose to devote himself to scientific research and explore the development of the industry from cutting-edge basic science.
Huang Zheng also said that after he no longer holds the chairman and pinduoduo management positions, his 1:10 super voting rights will also be invalidated. The voting rights of the shares in the individual's name will be entrusted to the board of directors of Pinduoduo to make decisions by voting. He promised that the shares in his personal name would continue to be locked up and not sold for the next 3 years.
At present, Chen Lei is the chairman and CEO of Pinduoduo, Tencent executive Lin Haifeng is the director, Sequoia Capital partner Shen Nanpeng, former president of Baidu Group, COO Lu Qi, George Yong-Boon Yeo, Anthony Kam Ping Leung are independent directors;
Jianchong Zhu is a consultant to the company and Anthony Kam Ping Leung is a non-independent director.
Pinduoduo's revenue in 2018, 2019 and 2020 was 13.12 billion yuan, 30.142 billion yuan and 59.492 billion yuan, respectively, and the net loss was 10.217 billion yuan, 6.968 billion yuan and 7.18 billion yuan, respectively.
GMV was $1,667.6 billion (approximately $255.6 billion) for the 12 months ended December 31, 2020, an increase of 66% compared to $1,006.6 billion for the 12 months ended September 30, 2019.
Pinduoduo's average monthly active users were 719.9 million, up 50% from 481.5 million in the same period last year. The number of active buyers in the 12 months ended December 31, 2020 was 788.4 million, an increase of 35% compared to 585.2 million in the 12 months ended September 30, 2019.
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