拼多多沽空报告（中英全文）－Blue_Orca－2018.11.pdf

BLUE ORCA CAPITAL “One percent of bad apples in the barrel probably won’t affect anything, but five percent of bad apples will destroy the whole barrel. ” - Colin Huang, Pinduoduo CEO and Founder THIS RESEARCH REPORT EXPRESSES SOLELY OUR OPINIONS. We are short sellers. We are biased. So are long investors. So is PDD. So are the banks that raised money for the Company. If you are invested (either long or short) in PDD, so are you. Just because we are biased does not mean that we are wrong. Use BOC Texas, LLC’s research opinions at your own risk. This report and its contents are not intended to be and do not constitute or contain any financial product advice. Because this document has been prepared without consideration of any specific clients’ investment objectives, financial situa tion or needs, and no information in this report should be construed as recommending or suggesting an investment strategy. Investors should seek their own financial, legal and tax advice in respect of any decision regarding any securities discussed herein. You should do your own research and due diligence before making any investment decisions, including with respect to the securities discussed herein. We have a short interest in PDD ’s stock and therefore stand to realize significant gains in the event that the price of such instrument decl ines. Please refer to our full disclaimer located on the last page of this report. COMPANY: Pinduoduo Inc.│ NASDAQ: PDD INDUSTRY: E-commerce Pinduoduo Inc. (NASDAQ: PDD) (“PDD” or the “Company”) purports to be China’s third-leading e- PRICE (AS OF CLOSE