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Tencent-backed Pinduoduo accused of inflating revenues

Short-seller that brought down Samsonite chief goes after China ecommerce group

Users make purchases through Pinduoduo's app for group discounts. The company has been hit by a probe and a lawsuit in recent months.   © Reuters

SHENZHEN (Financial Times) -- Pinduoduo, the Tencent-backed ecommerce company that reached a peak valuation of $33bn after listing in July this year, has been accused of inflating revenues and falsely trimming losses in a scathing attack by the Texas-based activist fund Blue Orca.

Shanghai-based Pinduoduo is one of 30-odd Chinese tech companies that headed to the public markets this year. A wave of enthusiasm for the sector boosted valuations but a subsequent souring means that virtually all are now below their listing prices.

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