什麽 憤怒 吸引 stock ostc round 兩個 google void

成立僅 3 年，拼多多為何能在美上市？
T-Shirts, Toilet Paper and Rotten Mangoes. This ChineseApp Sells ItAll.
BEIJING — Apple, Gucci, Tesla. Many Chinese shoppers love their top-shelf brands.
北京——蘋果、古馳、特斯拉。許多中國消費者鐘情於頂級品牌。
But another big slice of the population goes gaga for a 40-cent pair of earrings, a $1.50 wireless

smartphone charger and 50 rolls of toilet paper for $4.75.
但還有一大群人，他們喜歡的是 40 美分一對的耳環、1.5 美元的無線智能手機充電器，以及
4.75 美元就可以買到 50 卷衛生紙。
These are the shoppers on Pinduoduo, a Chinese app that drew close to 350 million customers in the
past year, more than the entire population of the United States. Its parent company is expected to list
shares on the Nasdaq stock exchange on Thursday, just three years into its existence.
這些都是拼多多的顧客群，這款中國的應用程序在過去一年吸引了近 3.5 億用戶，超過了美國
的人口總數。它的母公司預計將在周四登陸納斯達克(Nasdaq)，距離公司創立僅三年時間。
The lightning-fast ascent of Pinduoduo (pronounced a bit like “PING-daw-daw”) suggests that
China is not done producing high-flying internet upstarts, despite the vast reach of incumbents such
asAlibaba. It also illustrates the clout of an underserved category of Chinese consumers.
拼多多閃電般的崛起表明，雖然阿裏巴巴這樣的巨頭有著很大的影響力，中國的互聯網創業公
司仍在迅速湧現。同時，它也說明了中國那些尚未享受到充分服務的消費者影響力之大。
They live outside the country’s prosperous megacities, in the cities, towns and hamlets that over a
billion Chinese call home. They skew older, less internet savvy. And they absolutely cannot resist a
bargain, even if the stuff they’re buying isn’t exactly top of the line.
他們生活在這個國家繁華的大都市之外的城鎮和鄉村，它們是 10 億中國人的家園。他們年齡
更大，對網絡也不是太了解。而且，他們絕對無法抵抗便宜貨，即使購買到的商品質量一般。
In the southern city of Foshan, Li Tianqiang and his wife sell rice noodles and other breakfast food
out of a three-wheeled truck to hungry factory workers. Over the past two years, Mr. Li, 45, has

bought nearly $1,000 worth of merchandise on Pinduoduo — the equivalent of around two months’
income for him. Among his purchases: an inflatable paddle boat, a fishing bag and a cherry-red
motorized car for his young daughter to drive around.
在南方城市佛山，李添強和妻子開著一輛三輪車賣米粉和其他早點給饑餓的工廠工人。在過去
的兩年裏，45 歲的李添強在拼多多上購買了價值近 1000 美元的商品，這相當於他兩個月的收
入。他買的東西包括：一個充氣筏、一個釣魚包，還有一輛櫻桃紅的玩具電動車，給年幼的女
兒開著玩。

Mr. Li knows he is a little addicted. And regretted purchases? He has a few.
李添強知道自己有點上癮了。有後悔不該買的東西嗎？倒是有幾樣。

Some were made out of curiosity. In other cases, the items were of such lousy quality that he threw
them out after they arrived. The toys he has bought for his daughter — including dolls, a violin and
a keyboard — have been particularly bad, he said.
有些是因為好奇才買的。還有幾樣，是因為質量太差了，收到就扔了。他說，給女兒買的那些
玩具——包括洋娃娃、一個小提琴和一個電子琴，質量尤其差。

It is all so inexpensive, though, that he said he didn’t mind the occasional misfire.
不過，價格都很便宜，所以他說並不介意偶爾的不成功。

“It’s nothing, really,” he said of his spending on the app.
“也不算什麽，”談到自己在這款應用上的開銷時，他這麽說道。

For many years, China was a byword for shoddy goods produced at mass scale. But that is changing.
Wages are rising, forcing manufacturers to compete on quality. Communist Party leaders want to
nurture brands known globally for their innovations. Gadget makers such as Xiaomi and Huawei are
investing heavily in design, chasing cool and cachet.
多年來，中國一直是大規模生產的劣質商品的代名詞。但這種情況正在轉變。隨著工資的上漲，
迫使廠商在質量上進行競爭。中共領導人希望培養出以創新聞名全球的品牌。小米和華為這樣
的電子產品制造商，在產品的設計上舍得花錢，以炫酷和卓越為追求。

To shop on Pinduoduo, however, is to be reminded that many Chinese consumers still check prices
first, and that low-end suppliers remain a big part of the country’s economy. The Pinduoduo app’s
main page is a bottomless cascade of groceries, fast fashion, household sundries and electronic
bric-a-brac — all carrying wildly improbable price tags.
不過，在拼多多上購物，說明許多中國消費者還是很在意價格，而且低端供應商仍然是中國經
濟的重要組成部分。拼多多的首頁滿是各種雜貨、快時尚、居家用品和電子設備——全部都便
宜得驚人。

A pair of stretchy, “Playboy”-brand men’s pants: less than $3. Eleven pounds of rice: $4. A
four-pack of boxer briefs printed with an image of a wolf’s head: $2. A purple water kettle with
“LOL” written along the bottom: $3. A pink, around-the-neck smartphone stand that lets you lie
down and watch videos at the same time: $1. Avibrating electric belt that goes around the midsection
and supposedly helps shed fat: $6.
一條帶彈力的“花花公子”牌男褲：3 美元不到。11 磅（約合 5 公斤）大米：4 美元。四件裝
印有狼頭圖案的平底內褲：2 美元。底部印著“LOL”字樣的紫色燒水壺：3 美元。一個可以
掛在脖子上的粉色智能手機支架——讓你可以躺著看視頻：1 美元。一個據說有助於減肥的電
子振動腹帶：6 美元。

Shipping is always free.
而且免運費。

Pinduoduo wants shoppers to involve their online friends in the process. Group orders receive
discounts. New users who persuade others to sign up are rewarded with one of a selection of free
purchases. Tiny pop-ups within the app provide relentless, real-time updates on what others are
buying, creating a sense of urgency. Everyone is getting great deals and you are not.
拼多多希望消費者把線上的朋友也拉進來。團購有折扣。邀請他人註冊的新用戶，有各種免費
購物機會作為獎勵。從該應用程序的彈出窗口，可以看到其他人正在買什麽東西，從而營造一
種緊迫感。每個人都撿到了便宜，而你卻沒有行動。

Between the deliriously strange product selection, the next-to-nothing prices, the barrage of coupons
and deals, and the ease with which purchases are made, the experience feels less like shopping and
more like playing a shopping video game. In regulatory filings, the company calls the app “a
combination of Costco and Disneyland.”
五花八門的產品選擇，近乎白送的價格，各種優惠券和劃算的交易，以及購物的便利性，使得
在拼多多上的體驗不太像購物，而更像是在玩一個購物視頻遊戲。在提交給監管機構的文件中，
公司方面稱這款應用是“好市多(Costco)和迪士尼樂園的結合”。

Pinduoduo started operations only in 2015. It has grown swiftly enough to attract powerful backers
including the venture firm Sequoia Capital and the Chinese internet giant Tencent. The company,
which is based in Shanghai, expects to raise $1.4 billion in this week’s share offering. That would
give it a valuation of more than $20 billion.
拼多多於 2015 年開始運營。因為發展迅速，吸引了來自包括風投公司紅杉資本(Sequoia Capital)
和中國互聯網巨頭騰訊的投資。公司總部位於上海，預計將在本周的股票發行中籌得 14 億美
元。這將使其估值超過 200 億美元。

Because it offers so much cheap stuff, however, Pinduoduo is still way behind its rivals in the total
value of goods sold. The company, which is unprofitable, said that its average shopper spent less than
$90 on the platform last year. That translates into revenue per shopper of a dollar and change.
不過，由於它賣的多是廉價商品，拼多多在總銷售額上仍然遠遠落後於競爭對手。這家尚未盈
利的公司表示，去年消費者在該平臺上的平均花費不足 90 美元。每位消費者帶來一美元多的
收入。

“This is the lowest quality of traffic you can get,” said Steven Zhu, an analyst in Shanghai with the
research firm Pacific Epoch. And if older people are driving Pinduoduo’s popularity, Mr. Zhu added,
then its prospects for long-term growth are grim by default.
投資咨詢公司弘亞世代(Pacific Epoch)在上海的分析師史蒂文·朱(Steven Zhu)說：“這是所能
得到的最低交易量了。” 他接著說，如果是老年人在推動拼多多的受歡迎程度，那麽長期增
長前景理論上就不大妙。

The platform has also been accused of being awash with knockoff products. Last week, the company
was sued for trademark infringement in the United States.
該平臺還被批評假冒產品泛濫。上周，公司在美國被起訴侵犯商標。

Pinduoduo declined to comment. But in its filings with stock regulators, the company said it
immediately removed counterfeits from the app. And this year, the company’s founder, a former
Google engineer named Colin Huang, described his philosophy on price versus quality to the
Chinese business magazine Caijing.
拼多多拒絕置評。但在提交給股票監管機構的文件中，公司表示將立即從平臺刪除假冒產品。
今年，該公司的創始人，一位名叫黃崢的谷歌前工程師向中國的商業雜誌《財經》談到他的價
格與質量理念。

His own mother complained to him when two of the nine mangoes she had bought for $1.50 on the
app turned up rotten, Mr. Huang told Caijing. Still, he said, she continued to use Pinduoduo. “If you
can buy seven good mangoes for $1.50, you’re not losing out,” he said.
他告訴《財經》，母親向他抱怨，在拼多多上花 10 塊錢買了 9 個芒果，兩個是壞的。但他說，
再下單的時候，她還是選擇了拼多多。“10 塊能買到 7 個好芒果，那也不虧，”他說。

For the most part, Kang Xia agrees. Ms. Kang, a 52-year-old retiree in the southwestern city of
Chengdu, has used Pinduoduo to buy shoes, clothes, gadgets — “quite a lot,” she said, although
the quality isn’t always great.
大體上，康霞對此表示贊同。52 歲的她來自西南城市成都，現已退休，她在拼多多上買鞋、
衣服、各種小玩意——“反正買得挺多的，”她說，不過質量並不總是那麽好。

This spring, she got stung by two bad purchases. First, there was a $5 wardrobe with colorful fabric
panels and a “real wood” frame. One touch was all she needed to realize the thing was no good.
Then she bought a chiffon skirt with a floral pattern — less than $6, including a yellow T-shirt to
wear with it — that arrived with a jagged tear down the side.
今年春天，她因為買了兩件水貨而惱火。第一件是一個 5 美元的衣櫃，由“實木“框架和彩色
的布藝板構成。她一摸就意識到不妙。然後，她又買了一件帶花卉圖案的雪紡裙，不到 6 美元，
還包括一件搭配著一起穿的黃色 T 恤，但裙子的側面收到的時候就已經破了一個口子。

Ms. Kang said she is now less likely to buy things on Pinduoduo solely because they are cheap. But
she still looks at the app every day.
康霞說，她現在不太可能僅僅因為貪圖便宜去拼多多買東西。不過她還是會每天上這款應用看
看。

For the established big shots of Chinese e-commerce, it is unwelcome news that many shoppers will
buy very nearly anything if the price is right.
對於中國主要的電子商務平臺來說，只要價格合適，許多購物者幾乎會買任何東西，這可不是
個好消息。

To retain customers and avoid regulators’ ire, Alibaba, which served more than 500 million buyers
last year, has fought sales of fakes on its Taobao marketplace. The retailer JD.com, which had around
300 million buyers, has courted upmarket brands and cultivated a reputation for reliability.
為了留住顧客並避免監管者的憤怒，去年服務了超過 5 億買家的阿裏巴巴一直在淘寶市場上打
擊假貨。擁有約 3 億買家的零售商京東已經在爭取高端品牌入駐，並樹立了可靠的聲譽。

“ From time to time, there are new players, but the question is whether they can sustain
themselves,”Alibaba’s chief executive, Daniel Zhang, said at a recent event in San Francisco.“We
are also climbing.”
“不時會有新的對手出現，但問題是他們是否能夠維持自己的生存，”阿裏巴巴首席執行官張
勇最近在舊金山的一次活動上表示。“我們也在攀登。”

Terry Yao lives in Dandong, a small city in China’s northeast. After looking at some sneakers on
Pinduoduo — pairs that should retail for more than $100 were going for a tiny fraction of that, he
said — he made up his mind about the authenticity of the platform’s products.
Terry·搖住在中國東北小城丹東。在看了拼多多上的一些運動鞋——售價應該定在 100 美元
以上的運動鞋只定在了這個價格的幾分之一——後，他對該平臺商品的真偽得出了結論。

“China has developed so much,” said Mr. Yao, 28. “But if residents of these third- and fourth-tier
cities can only use things like Pinduoduo, it feels to some degree like a big failure. We’ve gone
backward.”
“中國其實發展到今天，”28 歲的 Terry·搖說。“三四線城市這些居民如果還只能用拼多多
這東西的話，我覺得某種程度上其實是一個很失敗的東西。其實倒退了。”

But Pinduoduo does not have to be stuck in the bargain bin forever, said Tian X. Hou, founder of T.
H. Data Capital, a research firm in Beijing. Now that it has used low prices to attract so many users,
it can do as Alibaba did and go premium.
但拼多多不一定永遠被困在便宜貨的垃圾桶裏，北京研究公司天灝資本的創始人侯曉天說。既
然它已經用低價吸引了這麽多用戶，它可以像阿裏巴巴曾做的一樣，給自己升級。

“Once you have this trust, you can grow out of the current business and create a new business,”Ms.
Hou said.
“一旦你得到了這種信任，你就可以走出現有的商業模式，創造出新的業務，”侯曉天說。

That might turn off the most fervent deal hunters. But it could raise Pinduoduo’s profile among other
consumers.
這可能會讓最狂熱的便宜貨買家望而卻步。但這可能會提高拼多多在其他消費者中的知名度。

Zhang Huajin, 34, a manager at a tech company in Guangzhou, bought an iPhone 7 Plus on
Pinduoduo this month. Or he thought he did. What arrived was a smartphone, but it was not made by
Apple.
34 歲的張華金是廣州一家科技公司的經理，他這個月在拼多多上買了一部 iPhone 7 Plus。或者，
他以為他買到了。送來的是一部智能手機，但不是蘋果的。

Mr. Zhang got his money back, though. And if Pinduoduo improves quality control and helps big
brands sell directly on the app, he will probably buy from there again, he said.
不過，他還是拿回了自己的錢。他說，如果拼多多改善質量控制並幫助大品牌直接在這個應用
程序上銷售，他可能會再次從那裏購物。

Taobao managed the transition, he said, and shoppers’ expectations shifted accordingly. On Taobao,
Mr. Zhang said, “everybody already knows what kinds of product should be sold at what price.”
他說，淘寶完成了這種轉型，購物者的期望也相應改變。在淘寶上，張華金說，“感覺就是大
家已經免疫了，知道什麽樣的價格應該賣什麽樣的產品。”

忘記一切，全神貫註。2