Shares of several China-based companies, including Pinduoduo (NASDAQ:PDD) are trading higher following data showing year-over-year growth in retail sales for the month of June.
In June, Chinese retail sales grew 12.1% from last year, while GPD grew by 7.9%.
Pinduoduo provides a platform for buyers with value-for-money merchandise and fun and interactive shopping experiences. Pinduoduo offers a social shopping experience that leverages social networks as an effective and efficient tool for buyer acquisition and engagement.
At the time of publication, shares of Pinduoduo were trading higher by around 1.64% at $110.76. Pinduoduo has a 52-week high of $212.60 and a 52-week low of $69.89.
