FAST NEWS: Maturing Pinduoduo Posts Single-Digit Revenue, User Growth

The latest: E-commerce company Pinduoduo Inc. (PDD.US) said on Friday its revenue rose 7% year-on-year to 23.8 billion yuan ($3.6 billion) in the first quarter. The company, which specializes in sales to China’s smaller cities, reported a first-quarter profit of 2.6 billion yuan, compared with a 2.9 billion yuan loss a year earlier. Looking Up: Excluding merchandise sales, which fell 99% during the quarter, the company’s revenue rose 39% in the first quarter to 23.7 billion yuan. Take Note: The company’s average monthly active users (MAUs) rose just 4% year-on-year to 751.3 million during the…

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‘Chinese WeWork’ UCommune Reports Huge Losses, Sees Dark Days Ahead

Falling demand for office spaces during Covid-19 and massive goodwill depreciation lead to record-breaking losses for the coworking operator Key Takeaways: UCommune breaks new net-loss record in 2021 and has burned through 4 billion yuan in the past four years Huge losses indicate the company still has a long way to go in terms of asset-light transition By Wang Chuan Co-working operator UCommune International Ltd. (UK.US), dubbed the “the Chinese WeWork,” recorded a massive loss of 2.13 billion yuan ($333.7 million) for 2021, the company said earlier this month. Most of the loss – $258…

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In Search of Profits, Q&A Site Zhihu Finds New Answer in Vocational Education

Company often called the ‘Quora of China’ reported a huge jump in vocational training revenue in the first quarter, even as its overall losses widened Key Takeaways: Zhihu’s revenue grew 55.4% in the first quarter, but its adjusted net loss grew by an even bigger 89.8% Company’s vocational education services could be a major new growth engine, as China encourages private sector investment in the area By Christina Meng In the ongoing game of “yes” and “no” being played by leading Q&A site Zhihu Inc. (ZH.US; 2390.HK), the answer on…

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