Chinese social commerce company Pinduoduo has proposed to issue convertible bonds with a principal of USD 875 million. The bonds will also have a 13-day option for initial buyers to acquire an additional USD 125 million of the instrument, according to the company’s filing with the US Securities and Exchange Commission on Tuesday.

This move comes about 14 months after Pinduoduo raised USD 1.6 billion from its initial public offering in the United States.

Pinduoduo, which was founded in September 2015, had 483.2 million active buyers in the 12-month period that ended on June 30, beating domestic competitor JD.com and second only to Alibaba.

It gained exponential growth in its early days due to its unique group buying model, which engaged buyers’ contacts via WeChat. The platform has rolled out various subsidies for its end consumers and merchants to maintain user base growing. This expenditure has been the driving factor behind the company’s massive losses.

Pinduoduo reported RMB 1 billion (USD 146 million) in net losses in the second quarter of this year.

The company said new funds from the bond sales will be used to “enhance and expand its business operations, for research and development, to continue to invest in and develop its technology infrastructure and for working capital and other general corporate purposes.”

The interest rate, initial conversion rate, and other terms of the notes will be determined when the bonds are priced, Pinduoduo added.