Pinduoduo Inc – ADR (NASDAQ:PDD) shares are trading lower by 9.59% at $36.57. Shares of Chinese companies are trading lower in possible reaction to US President Biden’s recent unveiling of the Indo-Pacific Economic Framework to counter China’s influence in the region.
Several Chinese stocks have also seen marked weakness in 2022 and are trading lower amid a COVID-19 outbreak in the country which has caused some business operations to cease. The IMF in April downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.
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Pinduoduo is the third- largest e-commerce platform by gross merchandise volume and the largest platform by active buyer in China.
According to data from Benzinga Pro, Pinduoduo has a 52-week high of $143.11 and a 52-week low of $23.21.
