2021.03.24

文章目錄

• 【課程導讀】
• 【英文原文】
• 【外刊原文】

【課程導讀】

上周四，40歲的拼多多創始人黃崢宣布從董事長職位上離任。而就在同一天，拼多多剛剛宣布，買家數超過了阿里，成為中國規模最大電商。黃崢為何此時離任？辭職后會去做些什么，拼多多下一步的發展方向是什么？

【英文原文】

Colin Huang steps down as Pinduoduo chair
黃崢辭任拼多多董事長
By Ryan McMorrow

Colin Huang, the founder of highflying Chinese ecommerce group Pinduoduo, has unexpectedly quit his executive roles to explore “new, long-term opportunities”.

• highflying/high-flying adj. 極為成功的
• ecommerce n. 電子商務（electronic commerce）

高速成長的中國電商平臺拼多多的創始人黃崢出人意料地卸下高管職位。他希望去探索一些“新的、長期機會”。

He said he was resigning as chair to make way for a new generation of leaders, and that Pinduoduo “will have its own growth journey regardless of whether I am nervous, excited, or frightened as its guardian”.

黃崢表示辭任董事長是為了給新一代的領導者騰出發展空間。他說，“作為拼多多的守護者，無論我是緊張、興奮，還是擔心恐懼，它都會按自己的成長道路發展下去”。

The announcement came as Pinduoduo overtook Alibaba by annual shopper count for the first time, with 788m people buying on its platform in the past year, compared to 779m for Alibaba.

黃崢辭職消息發布之際，拼多多以7.88億的年活躍買家數首次超越阿里巴巴。阿里的年活躍買家數量為7.79億。

But Pinduoduo’s rapid growth has been powered by cheap deals, and it remains heavily in the red. Revenues in the fourth quarter rose 146 per cent year on year to Rmb26.5bn ($4.1bn), while it recorded a loss of Rmb1.4bn, narrowing from Rmb1.8bn a year earlier.

• in the red 負債，虧損（in debt）
• in the black 有盈余
• year on year 跟上一年相比

但是拼多多的快速增長是由它的低價銷售推動的，且該公司仍然嚴重虧損。其第四季度的營收同比增長146%，達到265億人民幣（約合41億美元）。而同時期的虧損額為14億人民幣，比上一財年第四季度的18億有所收窄。

Pinduoduo has repeatedly returned to the capital markets for more funding, raising roughly $9bn from investors since its 2018 IPO. In December the company raised about $6bn in debt and equity financing as it focused on a plan to sell farm goods online.

• equity financing 股權融資

自2018年上市以來，拼多多已多次返回資本市場進行融資，向投資者募集了約90億美元。去年12月，該公司以債務和股權方式融資60億美元，當時正聚焦于一項線上農產品銷售計劃。

Five years ago Pinduoduo started out in the farm goods business, building out some of the infrastructure to ferry fruits and vegetables to consumers, before running into problems and pivoting to the platform model it uses today.

• start out 以某種方式開始
• run into sth. 遇到問題或者困難

拼多多五年前開始涉足農產品業務，他們建立基礎設施，將果蔬產品運送到消費端。之后遇到了問題，于是轉向現在使用的平臺模式。

【外刊原文】

Colin Huang steps down as Pinduoduo chair
By Ryan McMorrow
＠Financial Times

Colin Huang, the founder of highflying Chinese ecommerce group Pinduoduo, has unexpectedly quit his executive roles to explore “new, long-term opportunities”.

Huang, who steered the company to a New York IPO in 2018, said that Pinduoduo had “become a youth entering adolescence”.

He said he was resigning as chair to make way for a new generation of leaders, and that Pinduoduo “will have its own growth journey regardless of whether I am nervous, excited, or frightened as its guardian”.

Pinduoduo, valued at close to $200bn after taking a substantial share of China’s online shopping market, saw its shares fall by nearly 8 per cent in pre-market trading.

Huang said he would turn over voting rights for his 29 per cent stake to the company’s board and pledged to not sell any shares for three years. Until Wednesday, he held control of the company through his ownership of a separate class of shares with ten times the voting rights, but Pinduoduo said these would be cancelled with his resignation.

In a letter to shareholders, Huang said: “It is about the right time to explore what’s next if we want the same quality and pace of growth in 10 years. As the founder of this company, I am probably the most suitable person to take on this task by stepping out of the business and the comfort zone to embark on a journey of exploration.”

The company has appointed Chen Lei as the company’s new chair. Chen took on the title of chief executive in July and was a classmate of Huang’s at the University of Wisconsin-Madison and worked alongside him on several of his business ventures before Pinduoduo.

Aside from working for Huang, Chen’s other work experience consists of internships at Google, Yahoo, and IBM — though Google says it has no information on his time at the company. Pinduoduo did not immediately respond to a request for comment.

The announcement came as Pinduoduo overtook Alibaba by annual shopper count for the first time, with 788m people buying on its platform in the past year, compared to 779m for Alibaba.

But Pinduoduo’s rapid growth has been powered by cheap deals, and it remains heavily in the red. Revenues in the fourth quarter rose 146 per cent year on year to Rmb26.5bn ($4.1bn), while it recorded a loss of Rmb1.4bn, narrowing from Rmb1.8bn a year earlier.

The company spent Rmb14.7bn on sales and marketing fees during the quarter, which include the consumer subsidies, or about 55 per cent of revenue. It marks an improvement from earlier quarters when the expenses at times exceeded revenues.

Pinduoduo has repeatedly returned to the capital markets for more funding, raising roughly $9bn from investors since its 2018 IPO. In December the company raised about $6bn in debt and equity financing as it focused on a plan to sell farm goods online.

The grocery field has quickly grown crowded as a slew of Chinese tech companies have pushed in to take advantage of shoppers’ new willingness to buy daily meal ingredients from their phones following the pandemic.

“Given the scale of our user base today, it’s inevitable that user growth will start to trend down. It’s much more important that we are focused on engagement,” said David Liu, vice-president of strategy, noting daily grocery shopping was one way to keep them engaged.

Liu said Pinduoduo could offer consumers groceries at a cheaper cost and was working on bringing them to doorsteps more quickly.

To do “grocery appropriately, we as a platform do need to become more heavy. It’s an operational heavier business. We are getting involved in warehousing, operations, delivery and logistics operations,” said Liu.

Five years ago Pinduoduo started out in the farm goods business, building out some of the infrastructure to ferry fruits and vegetables to consumers, before running into problems and pivoting to the platform model it uses today.

2021?Financial Times

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