Sky9 Capital Congratulates PinDuoDuo on Its Successful NASDAQ IPO
BEIJING, July 27, 2018 /PRNewswire/ -- Sky9 Capital extends its warmest congratulations to Colin Huang and his team for the successful IPO of PinDuoDuo, the leading social ecommerce platform in China. The company listed on Nasdaq on July 26th, 2018 with an IPO price of $19 per share, and the stock closed at $26.7 per share, up 40.5% with a market capitalization of over $30 billion.
Serial entrepreneur Colin Huang founded PinDuoDuo three years ago in 2015 with the idea that products can be sold in large volume from improved consumer-to-consumer interactions and recommendations. Since then, the company has accumulated over 340 million users and over one million sellers. The company's GMV for the twelve months ending June 30, 2018 was approximately US$39.6 billion, and Q1 2018 revenue reached US$209 million, approaching the company's 2017 full year revenue of approximately US$264 million.
Sky9 Managing Director Wei Hao first met Colin in 2011 when Colin had just started his first company. After Colin started PinDuoDuo in 2015, he invited Wei to join as an investor, and subsequently, Wei led the Series B round of PinDuoDuo in 2015.
During an interview with Sky9 Capital in 2016, PinDuoDuo CEO Colin Huang shared his views and thoughts from his experience of building multiple successful start-ups. His interview focused on building meaningful corporate culture and value systems. The video can be viewed here: http://cloud.sky9capital.com/video/companies/pinduoduo.mp4.
Sky9 is also pleased to know that Colin has recently announced that he will donate a portion of his personal shareholding equal to 2.3% of the company's shares to establish a charitable foundation, and he also plans to set up a research foundation for scientific and medical research, which is consistent with Sky9 Capital's focus and culture on creating social impact.
"Congratulations to Colin and his team for achieving such a significant milestone," said Sky9 Managing Director Wei Hao. "The company's incredible progress really speaks to their incredible focus on the customer and the customer experience."
Sky9 Capital Founder and Managing Director Ron Cao said, "It has been extraordinary to be part of PinDuoDuo's unprecedented growth. The company's success has been built on its tremendous focus on corporate culture and customer experience. This speaks to Colin's strong leadership and vision as he continues to build a world-class company going forward. Congratulation to Colin and his team!"
About Sky9 Capital
Sky9 Capital is a leading early-stage technology venture capital firm focused on investing in disruptive opportunities in internet, enterprise and deep-tech sectors in China. Our mission is to partner with bold entrepreneurs to make a positive impact on the world. The partners of Sky9 Capital have backed hundreds of entrepreneurs and historically led or participated in the early-stage investments in many of China's leading technology companies, including three that recently held successful IPOs in the US—PinDuoDuo, PPDai and Rong360—and others such as eBroker, FaceU/Toutiao, FangDD, Innolight, ManBang Group, Meituan/Dianping, QingCloud, Tujia.com, ZhaoYou, and more. For more information, please visit www.sky9capital.com.
SOURCE SKY9 CAPITAL
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