On August 9 this year, the Bloomberg Billionaires Index showed country code philippines mobile that Pinduoduo founder Huang Zheng, with a net worth of US$48.6 billion, replaced Nongfu Spring founder Zhong Shanshan, who had topped the list since April 2021, becoming China's richest man.
Huang Zheng is a low-key person, so this is not news he would like to hear. Huang Zheng lost his title of the richest man due to the sharp drop in stock prices, and the most sad people are probably Pinduoduo's investors. Some people sold their shares and left, while those who did not leave saw their book assets shrink by nearly 30% overnight.
Among the investors holding shares in Pinduoduo, there are many well-known institutions.
The 13F documents submitted by investment institutions to the SEC disclosed by whalewisdom can be used as a reference. The reporting dates of these 13F documents are mostly in mid-August or even earlier. The report shows that as of June 30 this year, Pinduoduo is the largest holding stock of many well-known institutions such as IDG China, Capital Today, HSG Holding LTD (Sequoia China), Ivy Asset, Hillhouse, Gaoyi Asset, and Jinglin Asset.
As of the end of December last year, just three months after establishing a position, Today Capital made a book profit of US$156 million, or approximately RMB 1.1 billion, on its investment in Pinduoduo.
From Q3 last year to the end of Q2 this year, Capital Today's holdings in Pinduoduo decreased by 1 million shares. This means that Capital Today has already cashed in on some of its shares. Although Pinduoduo's stock price fell by 30% overnight, Capital Today's remaining holdings still have a book profit of nearly 200 million yuan.
Pinduoduo's stock price is currently at its lowest point since November last year, with a market value of less than $140 billion corresponding to a price-to-earnings ratio of about 10. However, as management has pointed out, the uncertainty of Pinduoduo's future revenue and profit growth has increased.