Pindo reported a loss of nearly three billion last year, and has been losing money for years

China’s largest e-commerce platform Poundland fell more than 2% in pre-market on April 30. The latest earnings report showed that Poundudo lost nearly three billion yuan last year, and the company has been losing money for several years.

On April 30, Poundland’s 20-F annual report filed with the U.S. Securities and Exchange Commission (SEC) showed that Poundland lost nearly three billion yuan (RMB, same below) last year. The net loss attributable to Poundland’s common shareholders was RMB 7,179.7 million, as reported by Persia.com.

Excluding US GAAP, net loss attributable to Poundland’s common shareholders was RMB 2,965.0 million (approximately $454.4 million), compared to a net loss of RMB 4,365.8 million in 2019.

Pindo has been losing money for several years. According to the earnings report, Pindo has a net loss of RMB 6,967.6 million in 2019, compared to a net loss of RMB 10,217 million in 2018, an expansion of 1,845.69% from the previous year’s loss of RMB 525 million.

Entities owned by Huang Zheng, founder of Pindo, are the largest shareholders of Pindo, holding 28.1% of Class A common shares. Tencent’s entity is the second largest shareholder of Poundland, holding 15.6% of Class A common shares.

On March 17 of this year, Poundland released its fourth quarter and full year 2020 financial results, with Poundland surpassing Alibaba to become the number one e-commerce platform in China. At the same time, Chairman Huang Zheng announced his resignation.

On March 15, Xi Jinping presided over a meeting of the Central Finance and Economics Commission and requested that “platforms” that have accumulated a large amount of data and have market appeal should be “regulated from the strategic height of building a new national competitive advantage”. Enhance the authority of regulation”.

Bloomberg’s analysis suggests that the CCP’s crackdown on the Internet has just begun.

On April 30, Xi Jinping hosted a meeting of the Political Bureau of the CPC Central Committee, which again called for “strengthening and improving the supervision of the platform economy.

It is believed that Beijing is preparing to expand its campaign against the “most powerful private companies,” starting with Jack Ma’s Alibaba and its Ant Group. But other Internet giants such as Jindo, Drip, Meituan and Jingdong are feared to be in danger.