Shanghai Xunmeng Information Technology Co., Ltd. was established in 2014. In April 2015, it founded the new e-commerce platform Pinduoduo, which is now the company's main product.

Currently, the Pinduoduo platform has gathered 731.3 million annual active buyers and 5.1 million active merchants. The platform’s annual transaction volume has reached RMB 1,457.6 billion, and it has rapidly developed into the second largest e-commerce platform in China.

Pinduoduo takes original social group buying as its core model, focuses on tens of billions of subsidies, agricultural goods promotion, and good products from origin, etc., and is committed to serving the vast majority of ordinary consumers in China.

Based on the operating philosophy of "good goods are not expensive," the Pinduoduo platform provides consumers with subsidized discounts on big-name products, agricultural products of origin, factory products, and new brand products. Among them, the tens of billions of subsidies originally launched by Pinduoduo set a new record for the scale and duration of activities in China’s e-commerce industry.

Pinduoduo was born out of the agricultural products e-commerce business. People's Daily Online previously released a report showing that Pinduoduo has become China's largest agricultural product upstream platform.

In July 2018, Pinduoduo was officially listed on the NASDAQ stock exchange in the United States.