Excluding the impact of losses caused by one-time equity incentives, Pinduoduo's annual operating loss is still close to 4 billion yuan. Especially in the fourth quarter of last year, Pinduoduo invested as much as 6 billion yuan in marketing, but only 18% of active buyers increased month-on-month. Driven by huge marketing expenses, the growth rate of Pinduoduo's active user scale has begun to decline. In this regard, Huang Yan, an analyst at Infusive Asset Management, an American investment company. Once said that according to the current trend, Pinduoduo's customer acquisition cost has exceeded market expectations, so its original valuation special database model has failed. On the other hand, the high cost of acquiring customers is also testing the growth of Yunji. Looking back at the data disclosed in the previous Yunji prospectus, the net losses of Yunji in 2016, 2017 and 2018 were 24.668 million yuan, 105 million yuan and 56.326 million yuan respectively, with a cumulative loss of nearly 200 million yuan in three years. In addition, according to the unaudited financial data of Yunji in the first quarter of 2019, it was found that although Yunji began to turn losses into profits this quarter, Yunji’s revenue through the development of paid memberships fell sharply, and the number of buyers dropped by 600,000 compared with the same period last year. As social e-commerce companies, Pinduoduo and Yunji have always had a lot of controversy: The main problem of Pinduoduo lies in the problem of fake goods, and the platform model has limited supervision of goods forgery; Yunji adopts a self-operated model.