Page 1

2021 Letter to Shareholders March 17 , 2021 SHANGHAI , China , March 17 , 2021 ( GLOBE NEWSWIRE ) -- This year's shareholder letter comes slightly earlier than usual so that we can keep everyone updated on some new developments . At our Board meeting earlier today , the Board approved my resignation as the Chairman of the Board . Lei will take over as Chairman with immediate effect while continuing in his existing role as CEO . As I step down from the Board and relinquish my executive responsibilities at Pinduoduo , the 1:10 super voting rights attached to my shares will be removed . I will further entrust the voting rights of these shares to the Board , which has been guiding Pinduoduo in the past 3 years . At the same time , I pledge these shares to another three years of lock - up ; they will not be sold . I stepped down from the CEO position on July 1st last year , with the plan to fully transition the Chairman role to Lei one year from then . Two factors have prompted us to accelerate this transition . First , the intensifying , and to a certain extent , distorted competition in some area has made me realize that the traditional approach of competing through scale and efficiency has its inevitable limitations . To change this , we must take action on deeper and more fundamental issues and seek answers from core technologies and the fundamental theories that underpin them . Although Pinduoduo is still a young company with a long runway for growth , it is about the right time to explore what's next if we want the same quality and pace of growth in 10 years . As the founder of this company , I am probably the most suitable person to take on this task by stepping out of the business and the comfort zone to embark on a journey of exploration . It would be all the better if the journey is also aligned with my personal interests . Second , the pandemic has caused dramatic changes externally , which accelerated the evolution of our operations and management team internally . Pinduoduo has transformed from a pure asset - light third - party model to becoming more asset - heavy , with new investments in warehouses , agriculture - focused logistics , and upstream sources of agriculture products . New businesses have sprouted and grown rapidly internally . Not only have these new developments stimulated Pinduoduo , they have also birthed and groomed a new generation of leaders and managers . It is time to let them shape the Pinduoduo they aspire to build . So , what will Pinduoduo become in the future ? I cannot say for sure , but I am happy to share my thoughts . First , Pinduoduo will always be a company that puts the interests of its consumers and societal value first . The philosophy of " Benefit All ” , “ People First ” , and “ More Open " that we have practiced will be more distinctly acknowledged by the industry and the public . Pinduoduo , being a platform that serves the masses , will make every possible improvement - significant or invisible – prudently bit by bit and strive to create value for