Why Pinduoduo Shares Are Falling

Shares of Chinese companies, including Pinduoduo Inc PDD, are trading lower, possibly on continued weakness amid COVID-19 concerns in China, which have led to lockdown measures and caused economic uncertainty. 

The COVID-19 lockdown in Shanghai and other parts of China has weighed on the broader Chinese economy and Chinese stocks in April. The IMF also recently 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 buyers in China.
According to data from Benzinga Pro, Pinduoduo has a 52-week high of $144.35 and a 52-week low of $23.21.