黄铮之后再无拼多多市值2月来已跌掉一个半比亚迪

　　拼多多发布了看起来很美的数据，却跌了很多，事实上，今年以来，拼多多2月份以来已经跌了1000亿美元了，相当于一个半比亚迪。比亚迪和拼多多所在的行业都是泡沫严重的行业，拼多多跌的这么多，说明了此前大家的担忧，黄铮之后再无拼多多。
　　企业家对企业来说就是一个符号，就如任正非对于华为、马云对于阿里巴巴、雷军对于小米一样，现在当任正非老去，马云下野但他的符号继续存在，留下的企业家的竞争就越来越到明处，都有做青年导师的志向，所以雷军就说年轻人入职前半年不要对战略业务提任何意见。
　　而现在，黄铮因为＂专注于对生命科学的热情＂而隐退，拼多多已经没有任何企业家的符号，凌通社看了好几次，然后现在写文字的时候都记不起拼多多现在是谁当家，这就是为什么投行调低拼多多未来的根本原因。
　　周三，中国增长最快的电子商务公司拼多多的股价再次下跌，加剧了自2月份以来市值缩水1000亿美元的情况。
　　该公司公布第一季度收入为人民币222亿元（合34.7亿美元），同比增长239％，高于分析师的预期，但也录得人民币29亿元（合4.54亿美元）的净亏损。自2018年上市以来，这家价值1600亿美元的购物应用尚未实现盈利。
　　拼多多在纳斯达克上市的股票在早盘交易中下跌多达6.3％，延续了自2月份开始的抛售，这与其他中国科技股一样。
　　在创始人柯林·黄（Colin Huang）出人意料地离开公司之后，股价继续下跌。他于3月份辞职，＂专注于对生命科学的热情＂。
　　黄离职后，麦格理（Macquarie）的分析师下调了该公司的前景。他们写道：＂我们的降级重点在于管理的突然变化及其可能的影响，以及业务模式转变的不确定性。＂
　　中国的科技行业也受到了当局的审查，上海的一个政府下属的消费团体在本月初批评了拼多多的商业行为。
　　拼多多周三热衷于强调其对社会的积极影响。首席执行官陈磊表示，它已通过其提供杂货的业务＂促进了数百万个工作岗位的创造＂。战略副总裁刘大卫（David Liu）说，拼多多在＂创造许多社会效益＂。
　　伯恩斯坦（Bernstein）的罗宾·朱（Robin Zhu）表示，拼多多在营收和营收方面均超出了分析师的预期。他说：＂他们损失的钱少于人们的预期。＂
　　该公司大力推动直接在线销售-这意味着该网站现在拥有库存，并可以向购物者销售商品，从而使一些分析师感到困惑。自2018年上市以来，该公司主要通过向其市场上争夺购物者注意力的商家销售广告位而获得收入。
　　直销业务在第一季度占拼多多收入的23％，高于第四季度的20％。
　　该公司的平台上有860万商家，但表示必须介入买卖以＂暂时满足我们用户对商家无法获得的产品的需求＂。拼多多曾表示，其出售的产品种类繁多，但几乎没有告诉投资者这家正在萌芽的业务，该业务去年亏损约14亿元人民币。
　　＂直接销售的开始确实很奇怪，＂ GMT Research的Mark Webb说。 ＂我不了解其原理-第三方商家无法提供哪些产品才能提供PDD？＂
　　拼多多的快速增长得益于廉价交易，该季度的销售和营销费用上升至130亿元人民币，占广告销售收入的92％。品多多表示，第一季度的季节性销售疲软是费用较上一季度按比例增加的原因之一。
　　拼多多去年利用飙升的股价筹集了80亿美元的债务和股权融资，以推出将农产品直接运送到购物者家门的计划。
　　朱said表示，虽然这是一项昂贵的工作，但杂货店业务将增加客户的＂使用频率和参与度＂，并最终应会带来利润。
　　Shares in China’s fastest-growing ecommerce company Pinduoduo fell again on Wednesday, adding to a rout that has knocked $100bn off its market value since February.
　　The company reported first-quarter revenues of Rmb22.2bn ($3.47bn), up 239 per cent year on year and above analysts’ expectations, but also booked a net loss of Rmb2.9bn ($454m). The $160bn shopping app has not turned a profit since its 2018 listing.
　　Pinduoduo’s Nasdaq-listed shares were down as much as 6.3 per cent in early trading, extending a sell-off that began in February, in common with other Chinese tech stocks.
　　The shares continued to fall after the unexpected departure of founder Colin Huang, who stepped down in March to ＂focus on his passion for life sciences＂.
　　Analysts at Macquarie downgraded the company’s outlook after Huang’s departure. ＂Our downgrade is focused on sudden changes to management and its possible implications, as well as uncertainty in the business model shift,＂ they wrote.
　　China’s tech sector has also come under scrutiny from authorities, and a government-affiliated consumer group in Shanghai criticised Pinduoduo’s business practices earlier this month.
　　Pinduoduo was keen on Wednesday to stress its positive impact on society. Chen Lei, chief executive, said it had ＂catalysed the creation of millions of jobs＂ through its business delivering groceries.
　　David Liu, vice-president of strategy, said Pinduoduo was ＂creating many social benefits＂. Robin Zhu, of Bernstein, said Pinduoduo had surpassed analysts’ expectations on both the top and bottom line. ＂They lost less money than people were expecting,＂ he said.
　　The company’s push into direct online sales — meaning the site now holds inventory and earns revenue on goods sales to shoppers — has puzzled some analysts. Since listing in 2018, the company has primarily brought in revenue from selling advertising slots to merchants on its marketplace who vie for the attention of shoppers.
　　Direct sales accounted for 23 per cent of Pinduoduo’s revenue in the first quarter, up from 20 per cent in the fourth quarter. The company has 8.6m merchants on its platform but said it had to step in to buy and sell goods to ＂temporarily meet the demand of our users [for] products which our merchants cannot obtain＂.
　　Pinduoduo has said it sells a ＂perse＂ range of products but has told investors little else about the budding business that lost roughly Rmb1.4bn last year. ＂The commencement of direct sales does appear odd,＂ said Mark Webb at GMT Research. ＂I don’t understand the rationale — what products were third-party merchants unable to supply which PDD could?＂ Pinduoduo’s rapid growth has been powered by cheap deals and its sales and marketing expenses rose to Rmb13bn in the quarter, or 92 per cent of its revenues from advert sales.
　　Pinduoduo said the first quarter’s seasonally weaker sales was one reason the expenses had risen proportionally from previous quarters. Pinduoduo raised $8bn in debt and equity financing last year as it capitalised on its soaring share price to roll out a plan to transport farm goods direct to shoppers’ doors. While a costly undertaking, Zhu said the grocery business would increase customer ＂usage frequency and engagement＂ and should eventually bring in profits.