[营销星球]拼多多沽空报告（中英全文）-BueOrca-2018.11(5)

BLUEORCACAPITAL“Onepercentofbadapplesinthebarrelprobablywon’taffectanything,butfivepercentofbadappleswilldestroythewholebarrel.”-ColinHuang,PinduoduoCEOandFounder1THISRESEARCHREPORTEXPRESSESSOLELYOUROPINIONS.Weareshortsellers.Wearebiased.Soarelonginvestors.SoisPDD.SoarethebanksthatraisedmoneyfortheCompany.Ifyouareinvested(eitherlongorshort)inPDD,soareyou.Justbecausewearebiaseddoesnotmeanthatwearewrong.UseBOCTexas,LLC’sresearchopinionsatyourownrisk.Thisreportanditscontentsarenotintendedtobeanddonotconstituteorcontainanyfinancialproductadvice.Becausethisdocumenthasbeenpreparedwithoutconsiderationofanyspecificclients’investmentobjectives,financialsituationorneeds,andnoinformationinthisreportshouldbeconstruedasrecommendin