GlobeNewswire Inc | Nov 26, 2021 06:36AM EST

November 26, 2021

SHANGHAI, China, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Pinduoduo Inc. (NASDAQ: PDD), Chinas largest agriculture platform, said it will promote more young leaders to encourage creativity and innovation.

The company, which turned six in October, is seeing the younger generation maturing quickly as leaders, and will be giving them more opportunities to take on responsibilities so they can gain experience, according to Chen Lei, Chairman and Chief Executive Officer.

Young talent constantly innovate and bring creativity and vigor. They are shaping the future of this company, Chen said. You will see more of them taking on critical roles in the next six to 12 months as we continue to create opportunities for them to step up.

Chen was appointed CEO on July 1, 2020, and Chairman on March 17, 2021. He made the comments as Pinduoduo reported third quarter results that showed 21.5 billion yuan ($3.3 billion) in revenue and 867.3 million users who placed orders in the trailing 12-month period. The company reiterated its plans to step up investment in agricultural technology.

Commenting on his past year as CEO, Chen said that the transition has been smooth, and the companys performance has been in line with expectations. The company is increasing R&D efforts for sustainable long-term development, he added.

About Pinduoduo Inc.

Pinduoduo is a mobile-only marketplace that connects millions of agricultural producers with consumers across China. Pinduoduo aims to bring more businesses and people into the digital economy so that local communities can benefit from the increased productivity and convenience through new market opportunities.

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