On July 26, 2018, Pinduoduo went public in the third year after its inception and its value rose by about 30% in the first two trading days. It became the seventh largest Internet company in China, after Baidu, Alibaba, Tencent (BAT), Xiaomi, JD and Netease. And its market value is half of JD's. In just 34 months, the number of active users on Pinduoduo reached 295 million and the annual transactions reached RMB 98.7 billion. While the entire e-commerce dividend has almost vanished these days, Pinduoduo is gaining users and becoming a phenomenal application. Why? To understand this we need to...