How Pinduoduo Works

By Hans Tung and Zara Zhang

Pinduoduo is China’s most valuable private e-commerce company that just filed for a US IPO, less than 3 years after it was founded. With over 300 million active buyers, it has risen to become one of China’s top 3 shopping apps. In this deck, we explain how Pinduoduo works and what led to its rapid growth.

Click here for a downloadable PDF version of the deck.

Watch this video for a detailed product walk-through (or click here to watch on YouTube):


Recommended Resources on PDD

In English:

In Chinese:


Hans Tung is a managing partner at GGV Capital. Zara Zhang is an investment analyst at GGV Capital.

Hans and Zara co-host the 996 Podcast, a popular English-language podcast on tech in China, where they interview movers and shakers of China’s tech industry. Subscribe on iTunes, Overcast, Spotify, SoundCloud, XimalayaFM, or wherever else you listen to podcasts.

To reach Hans and Zara directly, join the 996 listeners’ community via WeChat/Slack at

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