Pinduoduo to promote more young leaders to critical roles

Rhea-AI Summary

Pinduoduo (NASDAQ: PDD), China's largest agriculture platform, is set to promote young leaders to foster innovation and creativity. CEO Chen Lei highlighted the fast maturation of the younger generation, which will see more of them in critical roles within the next 6 to 12 months. The company reported Q3 revenue of 21.5 billion yuan ($3.3 billion) with 867.3 million active users. Chen emphasized a smooth leadership transition and continuous investments in agricultural technology for long-term sustainability.

Positive

• Q3 revenue reached 21.5 billion yuan ($3.3 billion).
• Active user base increased to 867.3 million.
• Plans to promote young leaders to drive innovation.

Negative

• None.

SHANGHAI, China, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Pinduoduo Inc. (NASDAQ: PDD), China’s largest agriculture platform, said it will promote more young leaders to encourage creativity and innovation.

The company, which turned six in October, is seeing the younger generation maturing quickly as leaders, and will be giving them more opportunities to take on responsibilities so they can gain experience, according to Chen Lei, Chairman and Chief Executive Officer.

“Young talent constantly innovate and bring creativity and vigor. They are shaping the future of this company,” Chen said. “You will see more of them taking on critical roles in the next six to 12 months as we continue to create opportunities for them to step up.”

Chen was appointed CEO on July 1, 2020, and Chairman on March 17, 2021. He made the comments as Pinduoduo reported third quarter results that showed 21.5 billion yuan ($3.3 billion) in revenue and 867.3 million users who placed orders in the trailing 12-month period. The company reiterated its plans to step up investment in agricultural technology.

Commenting on his past year as CEO, Chen said that the transition has been smooth, and the company’s performance has been in line with expectations. The company is increasing R&D efforts for sustainable long-term development, he added.

About Pinduoduo Inc.

Pinduoduo is a mobile-only marketplace that connects millions of agricultural producers with consumers across China. Pinduoduo aims to bring more businesses and people into the digital economy so that local communities can benefit from the increased productivity and convenience through new market opportunities.

For more information on Pinduoduo and industry trends, please visit the content hub at https://stories.pinduoduo-global.com.

 

FAQ

What are Pinduoduo's Q3 2021 revenue figures?

Pinduoduo reported Q3 2021 revenue of 21.5 billion yuan ($3.3 billion).

How many active users does Pinduoduo have?

Pinduoduo has 867.3 million active users who placed orders in the last 12 months.

What is Pinduoduo's plan for leadership?

Pinduoduo plans to promote more young leaders over the next 6 to 12 months to enhance creativity and innovation.

Who is the current CEO of Pinduoduo?

Chen Lei is the current CEO of Pinduoduo, having been appointed on July 1, 2020.

What investments is Pinduoduo making?

Pinduoduo is increasing investments in agricultural technology for sustainable growth.