In Depth: Rising Costs for Pinduoduo to Maintain Growth

Chinese e-commerce upstart Pinduoduo Inc. has been an investor darling for its eye-popping growth. But efforts to maintain such growth may be increasingly costly.

The Shanghai-based company, which debuted on the Nasdaq in 2018, has become a favorite stock for institutional investors, sitting among the top holdings in 54 institutions’ investment portfolios, according to market data provider Whale Wisdom. The company was also the biggest asset of leading private equity fund Hillhouse Capital Group and Greenwoods Asset Management Limited as of the end of 2020.