Three-year-old Chinese ecommerce website files for $1b IPO in US

ZDNet 

Pinduoduo, the third-largest ecommerce website after Alibaba and JD.com in China, has filed for an initial public offering in the US to seek as much as $1 billion on Friday, in a move that surprised the market as the company was established less than three years ago. Founded in September 2015 by a former Google software engineer Colin Huang, the Shanghai-based company is known for its Groupon-like business model, which encourages consumers to shop for similar daily necessities with friends and other netizens in order to receive big discounts on prices, as mechanizers are able to offer cheaper prices due to the large quantities. Underwriters of Pinduoduo's US listing include UBS, Goldman Sachs, and CICC, but the company is yet to determine the stock exchange that will host its initial public offering, according to a Sina news report on July 1. Revenue of Pinduoduo mainly comes from online advertisements and trade commissions. Since its inception, revenue has grown at a high rate, as have losses, according to the report.