拼多多沽空报告（中英全文）－Blue_Orca－2018.11.pdfVIP

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.