Pinduoduo fell 20% before trading. This can even drop compared to altcoins. Pinduoduo's first quarter revenue was 95.67 billion yuan, a year-on-year increase of 10%, with a net profit of 14.742 billion yuan, a year-on-year decrease of 47%, and a 43% surge in marketing expenses dragging down overall profitability. From the perspective of business structure, the revenue from online marketing services increased by 15%, while the revenue from transaction services grew by 6%. CEO Chen Lei stated that ecosystem investment affects short-term profitability, but provides businesses with room for adaptation.