Pinduoduo (Nasdaq: PDD)’s FORM 20-F annual report submitted to the U.S. Securities and Exchange Commission (SEC) shows that the company’s total revenue in 2021 will be 93.9 billion yuan, and its net profit will be 13.8 billion yuan not in accordance with the U.S. GAAP. Founder Huang Zheng is the company’s largest shareholder, accounting for 27.9% of the shares. Tencent is the second largest shareholder, accounting for 15.5% of the shares.
As of February 28, 2022, Huang Zheng, the founder of Pinduoduo, held 1,409,744,080 Class A ordinary shares of the company, accounting for 27.9% of the shares. In the same period last year (as of March 31, 2021), Huang Zheng also held 1,409,744,080 Class A ordinary shares, but accounted for 28.1% of the shares.
Shen Nanpeng, the founding and managing partner of Sequoia China, holds 132,876,308 Class A ordinary shares, accounting for 2.6% of the shares. In the same period last year, it held 183,684,400 Class A ordinary shares, accounting for 3.7% of the shares.
In addition, Pinduoduo CEO Chen Lei, independent director Gan Bingliang, director Lin Haifeng, independent director Lu Qi, independent director George Yong-Boon Yeo, vice president of finance Jun Liu, senior vice president of operations Junyun Xiao, senior vice president of product development Zhenwei Zheng and consultant Jianchong Zhu both held less than 1% of the shares.
Overall, Pinduoduo directors and executives (excluding Huang Zheng) hold 186,817,482 Class A ordinary shares, accounting for 3.7% of the shares. In the same period last year, it held 234,779,104 shares, accounting for 4.7% of the shares.
Huang Zheng’s subsidiary entity is the largest shareholder of Pinduoduo, holding 1,409,744,080 Class A ordinary shares, accounting for 27.9% of the shares, compared with 28.1% in the same period last year.
Tencent-affiliated entities own 783,468,116 Class A ordinary shares, representing 15.5% of the shares. In the same period last year, it held 783,217,772 shares, accounting for 15.6% of the shares.
The Pinduoduo Partnership collectively holds 7.3%, compared with 7.4% a year earlier. Banyan Partners Funds, a unit of Gaorong Capital, holds 6.6 percent, compared with 7.2 percent a year earlier.
The annual report also shows that Pinduoduo’s total revenue in 2021 will be 93.9499 billion yuan (about 14.7428 billion U.S. dollars), an increase of 58% compared with 59.4919 billion yuan in 2020. Net profit attributable to ordinary shareholders of Pinduoduo was 7,768.7 million yuan (about 1,219.1 million U.S. dollars), compared with a net loss of 7,179.7 million yuan in 2020. Not in accordance with US GAAP, the net profit attributable to Pinduoduo’s common shareholders was 13.8295 billion yuan (about 2.1702 billion US dollars), while the net loss in 2020 was 2.965 billion yuan.