Chinese social media-based e-commerce firm Pinduoduo has filed for a US$1-billion initial public offering in the United States, joining the IPO rush of a number of Chinese unicorns such as Xiaomi and on-demand local services firm Meituan Dianping.

　　中国社交媒体电子商务公司拼多多已申请在美国10亿美元的首次公开发行股票，加入了小米和按需本地服务公司美团点评等许多中国独角兽的发行热潮。

　　Tencent-backed Pinduoduo, which was set up in Shanghai in 2015, allows users to participate in group buying deals with deep discounts through social networking sites, and has been quickly evolving to challenge the dominant position of market leaders Alibaba and JD.

　　于2015年在上海成立的，并由腾讯支持的拼多多，能够让客户通过社会人际关系网，以团队的形式享受大折扣优惠购物，它迅速演变成对市场巨头兼引领者阿里巴巴和京东的一大挑战。

　　The company’s revenue, which comes from merchants’ advertising and transaction commission, increased by 37 fold in the first quarter this year from the year-earlier period to 1.38 billion yuan (US$219 million), according to its prospectus filed to the Securities and Exchange Commission on Saturday.

　　根据上周六提交美国证券交易委员会的招股说明书，该公司今年第一季度的收入较上年同期增长了37倍，达到13.8亿元(合2.19亿美元)。该公司的收入来自商家的广告和交易佣金。

　　Its gross merchandise value, the total amount of goods sold, reached 66.2 billion yuan in the three months ended March this year, nearly half of its full-year GMV of 141.2 billion yuan from 2017.

　　在截至今年3月的三个月内，该公司的商品总销售额达到662亿元，几乎是2017年以来1412亿元全年成交总额的一半。

　　The Shanghai-headquartered Pinduoduo didn’t specify its share pricing or its intended listing time. Apart from Tencent, its major shareholders include Gaorong Capital, Banyan Partners Funds and Sequoia Funds.

　　总部位于上海的拼多多没有具体说明其股票定价或上市时间。除腾讯外，其主要股东还包括高融资本、班扬合伙基金和红杉基金。

　　Its team purchase model, in which friends and family members invite more potential buyers so the team purchase price becomes even lower, has been an effective solution to aggregate consumer demand and link them with merchants and manufacturers.

　　它的团购模式，朋友和家人邀请更多的潜在买家，使团队采购价格变得更低，已经成为一个有效的解决方案，以汇总消费者需求，并将他们与商家和制造商联系起来。

　　Consumers in the lower-tier cities has been embracing this model which offers them cheap goods such as US$1 toilet paper packs and bed sheets at US$5 as well as cheap fresh food and agricultural products.

　　低层城市的消费者一直在接受这种模式，为他们提供便宜的商品，比如1美元的卫生纸和5美元的床单，以及廉价的新鲜食品和农产品。

　　Founder and CEO Huang Zheng said in a letter to shareholders that it seeks to evolve its "team purchase" formats in the future for different user scenarios.

　　创始人兼首席执行官黄政在给股东的一封信中说，公司希望在未来为不同的用户市场改进“团队购买”的模式。

　　Earlier this month, it has been involved in disputes with merchants which said it has been executing improper product quality evaluating standards and freezing their trading accounts and deposits.

　　本月早些时候，该公司卷入了与商家的纠纷，后者表示，该公司一直在执行不当的产品质量评估标准，并冻结了他们的交易账户和存款。

　　Pinduoduo said the fines from those merchants selling under-qualified products go entirely into its consumer compensation fund and it would continue its efforts to improve the efficiency and quality of the supply chain.

　　拼多多表示，来自那些销售不合格产品的罚款，将全部投入其消费者补偿基金，并将继续提高供应链的效率和质量。