Pinduoduo4Q2020Results,M a r 2 0 2 1,4Q 2020 Highlights,Notes: “LTM”, Last Twelve Months, references to the twelve-month period that ends on the last day of the month or quarter indicated. “GMV” refers to the total value of all orders for products and services placed on the Pinduoduo mobile platform, regardless of whether the products and services are actually sold, delivered or returned. Buyers on the platform are not charged for shipping fees in addition to the listed price of merchandise. Hen
