PDD Holdings Inc.
PDDNasdaqServices-Business Services, NECFiscal year ends December 31
$81.68+3.07 (+3.91%)
Close on Nov 2, 2026Market cap $116.26BP/E 8.3Yield –
PDD Active Merchants (million merchants by Year
Active Merchants (million merchants — legacy Form 20-F FY2018–FY2021) (M)
PDD Active Merchants (million merchants: 11.5M in FY2021, up 33.7% from a year earlier. No newer figure appears in the documents we track.
Latest, FY2021
11.5
Period ended Dec 31, 2021
Change on a year earlier
+33.7%
8.60 in FY2020
History
4 years
Since FY2018
Sources
4
Documents cited below
Where the FY2021 figure comes from
“In addition to the scale and engagement of active buyers, our growth is also driven by the scale of merchants on our platform. In 2021, we had 11.5 million active merchants on our platform. Merchants are attracted to our platform by our large buyer base and scale of sales volume as well as targeted online marketing and other services provided by us. The increase in the number of active merchants leads to more competitive prices and broader product categories offered on our platform, which in turn helps us attract more buyers, generating powerful network effects.”
Source: PDD Holdings Inc. Form 20-F (pdd-20211231x20f.htm, filed 2022-04-25) ↗
Annual history
Hover a value to see the sentence it was read from; calculated values show their formula
| Period | Ended | Active Merchants (million merchants — legacy Form 20-F FY2018–FY2021) (M) | Year on year | Source |
|---|---|---|---|---|
| FY2021 | Dec 31, 2021 | 11.5 | +33.7% | PDD Holdings Inc. Form 20-F (pdd-20211231x20f.htm, filed 2022-04-25) ↗ |
| FY2020 | Dec 31, 2020 | 8.60 | +68.6% | PDD Holdings Inc. Form 20-F (pdd-20201231x20f.htm, filed 2021-04-30) ↗ |
| FY2019 | Dec 31, 2019 | 5.10 | +41.7% | PDD Holdings Inc. Form 20-F (pdd-20191231x20f.htm, filed 2020-04-24) ↗ |
| FY2018 | Dec 31, 2018 | 3.60 | – | PDD Holdings Inc. Form 20-F (a19-5195_120f.htm, filed 2019-04-24) ↗ |
Cite this data
StockData. (2026). PDD Active Merchants (million merchants (M), annual FY2018–FY2021 [Data set]. Compiled from PDD SEC filings and investor materials. https://stockdatahq.com/stocks/pdd/kpis/sec-ops-active-merchants-m-32
See every metric in the PDD KPI table. Data updated Oct 27, 2026.