????????ID?pedaily2012?7?17??????3?????????????????????(SEC)????????????

?????????????????????????????????PDD????????19????????????????240????????????2018?3???????125?????????????????????

???????????2.5???

???????????????16???19???????85,600,000????????ADS???????18.7???????????????IPO?????2.5????

?????????????????40%??????????????????40%??????????????????????????????

???????????????????????????AB?????A???????1:1?B???????1:10?B??????????A?????????????????Facebook????????

??????IPO??????????CEO?????46.8%???89.8%????????????17.0%?????3.3%????????9.3%?????1.8%????????6.8%?????1.3%?

??2018?3???????125???????????????????????????19???????????????????240????

???????????????????????Walnut Street Group Holding Limited?????Pinduoduo Inc.????????????????????????????????????????????.???JohnL.Thornton??????????????????????????????

????·??????????????????(long-term greedy)???????????????????????????????????????????????CEO???????????????????????????????????????????????????????????????????????????????????????

???Costco+Disney??????3?IPO

???????????????2018?Q2??????????2018?6?30??12???????GMV?2621?????????3.44????????????674???763????????????????1.95???Q1????17%?

???????????????????????2017???????????????17???2018?Q1??????????13??????????37??

???????????????2015??A?????????IDG??????????????2016?7??B???????????????????????????????????????????????????C??D?????

?????????????????????????????????????????????????????????????????AI???????Costco????????????????????????????

??????????????????????????????????????????????????????????????????????????????????????????3??5?????????????????????????????????????????

?????????????????????????????????????????3????????????????????????

????????????charlotte????http://pe.pedaily.cn/201807/433596.shtml