Growth of rising e-commerce star Pinduoduo hits record low

Pinduoduo, which last year briefly dethroned Alibaba Group Holding as China’s largest e-commerce platform by number of active buyers, reported just a 2.6 per cent revenue growth in fourth quarter last year, in a sign that consumer spending in the world’s second-largest economy is waning amid a broad economic slowdown and rigid Covid-19 control measures.The Shanghai-based company, which leverages the social network of its consumers to promote online sales, is known for its competitive pricing,…

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