Pinduoduo = Group Buying… Social Shopping + Gamified Discounts Drive Growth Pinduoduo Trailing 12-Month GMV Get Cheaper Price by Friends Can Play Game & $100B Sharing with Friends Help Reduce Prices ) $B ( MV $50B G 0 Q1:17 Q3:17 Q1:18 Q3:18 Q1:19 Note: Assume FX 1USD=6.9RMB. Internet Trends 310 2019