Pinduoduo is not satisfied internally. It is reported that Duoduo’s local life business has been completely suspended.

According to "LatePost" report, Pinduoduo's community group buying business Duoduo Maicai has begun to invest in local life-to-store business in mid-December 2023. This business covers catering, hotels, attractions and other fields.

According to news, Duoduo’s local life project was originally planned to be launched nationwide after the Spring Festival in February 2024. However, it is said that in the last week of 2023, investment recruitment personnel in some areas received instructions that the project had been suspended. In response to this matter, Pinduoduo officially stated that they have completely stopped local life business.

Several people close to Pinduoduo revealed that Pinduoduo had previously planned to use three months of losses to hit Meituan’s main business. The situation is that Meituan has shrunk or even abandoned Meituan’s preferred business due to pressure, but in fact this strategic project does not satisfy the management. They pointed out that Duoduo Maicai consumes a lot of internal resources and ends up facing a business with low unit price and low gross profit. In this case, even if Duoduo Maicai becomes the number one in the industry, it will not achieve overall profitability.

Pinduoduo recently released its third quarter financial report. According to the report, revenue in the quarter increased by 94% year-on-year to 68.84 billion yuan, while operating profit increased by 60% year-on-year to 16.656 billion yuan. What is particularly noteworthy is that Pinduoduo’s transaction service revenue reached 29.1527 billion yuan in the third quarter, a year-on-year increase of 315%. This growth may come from contributions from businesses such as Duoduomaicai and Temu. These data show that Pinduoduo’s position and influence in the market continue to grow.

According to the latest data from this site, Pinduoduo’s US stock price is US$148.95 per share, with a market value of US$197.893 billion (approximately 1.41 trillion yuan), while Alibaba’s current market value is approximately US$194.801 billion.

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