Pinduoduo, the Tencent-backed ecommerce company that reached a peak valuation of $33bn after listing in July this year, has been accused of inflating revenues and falsely trimming losses in a scathing attack by the Texas-based activist fund Blue Orca.

Shanghai-based Pinduoduo is one of 30-odd Chinese tech companies that headed to the public markets this year. A wave of enthusiasm for the sector boosted valuations but a subsequent souring means that virtually all are now below their listing prices.

Shares in Pinduoduo, which were priced at $19 in its US initial public offering, closed on Wednesday slightly above that level. In a 42-page report, Blue Orca alleged Pinduoduo, founded by ex-Google engineer Colin Huang, made net losses last year that were 65 per cent greater than the amount disclosed to US investors.