Pinduoduo is the fastest company in history to reach both $5 billion in revenue and a $100 billion market cap. The Chinese ecommerce platform, famous for popularizing the team buying and consumer-to-manufacturer (C2M) model, was the talk of the town last summer, and it's had an even more fascinating intervening 12 months. I teamed up with Lillian Li of Chinese Characteristics to go deep, and give the bull and bear cases, including:

You can read the full piece at Not Boring.