largest agriculture-focused technology platform in China. It has created a platform that connects farmers and distributors with consumers directly through its interactive shopping experience. In 2019, nearly 12 million farmers supplied their fruits and vegetables to Pinduoduo users; price has dropped in the last month but has huge upside potential

Pinduoduo is one of the fastest growing global platforms that is digitalizing grocery shopping and the agricultural sector as a whole. Even though Pinduoduo operates close to breakeven, its fast growth (97% in 2020 and 146% just for 4Q20) and decreasing operating loss as a percentage of revenues makes it a very attractive buying opportunity. Despite being a Chinese company, we believe that the record money supply seen from the pandemic and easy monetary policy will make investors flock towards growth stocks that may not necessarily be priced-in, as we believe is the case here.