Pinduoduo

It still takes time for Pinduoduo to prove its value to investors as it is still unprofitable.

Price-cutting and apps-download links will be banned from the platform.

The platform now wants to reframe itself as a marketplace for branded merchandise.

The old cash-burning gamble does not always pay off.

This means the company can borrow cash at zero cost and its shares are highly favored by investors.

Fourteen months ago, when the company went public in the US, it raised USD 1.6 billion.

Alibaba and JD.com are penetrating down into lower-tier cities while Pinduoduo does the opposite.

The once-promising neighborhood group-buying platform fails to attract new capital to stay afloat.