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Where will Pinduoduo spend the money next？
August 24, Pinduoduo released its Q2 2021 fiscal reports. As of June 30, 2021, the number of Pinduoduo's active buyers reached 849.9 million for the year, adding 26.1 million in a single quarter, and reported an operating profit of $2 billion according to US GAAP for the quarter.
Many analyses have pointed out that the contraction of marketing expenses has brought about the birth of profits to some extent. But Pinduoduo's "10 billion subsidies" did not disappear, and a new plan began to surface.
On the same day of the financial release, Pinduoduo set up a "10 billion agricultural research special object", Chen Lei, CEO of Pinduoduo, said, "All profits from this quarter and any profits that may be available in subsequent quarters will first go into this special object until the total amount of 10 billion is met.