Pinduoduo reported strong Q2 performance. Revenue increased 86% YoY to 97.06 billion RMB ($13.3 billion) and profit surged 144% to 32.01 billion RMB ($4.4 billion). However, management cautioned that future growth would face challenges from competition and external pressures. CEO Chen Lei stated the company would not pursue share buybacks or dividends in the coming years, emphasizing that recent profit growth is not a long-term indicator. Following this news, Pinduoduo’s stock dropped 28.5% to $100, reducing its market value to approximately $138.9 billion.