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 unicorns¹ 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在美国申请10亿美元的首次公开募股，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IPO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 dominant² position of market leaders Alibaba and JD.

于2015年在上海成立、并由腾讯支持的拼多多，能够让用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' advertising³ 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 prospectus⁴ filed to the Securities and Exchange Commission last 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去年同期增长了37倍，达到13.8亿元（合2.19亿美元）。该公司的收入主要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.

在今年的前三个月，该公司的商品总销售额达到662亿元，这几乎是2017年全年成交总额（1412亿元）的一半。

The Shanghai-headquartered Pinduoduo didn't specify⁵ its share pricing or its intended listing time.

总部位于上海的拼多多没有具体说明其股价或上市时间。

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 aggregate⁶ consumer demand and link them with merchants and manufacturers.

它的团购模式，即通过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，已经成为一个汇总消费者需求，并将他们与商家和制造商联系起来的有效的解决方案。

Founder⁷ and CEO Huang Zheng said in a letter to shareholders⁸ that it seeks to evolve its "team purchase" formats⁹ in the future for different user scenarios¹⁰.

创始人兼首席执行官黄峥在给股东的一封信中称，公司希望在未来针对不同的用户市场改进“团队购买”的模式。