Pinduoduo Inc PDD shares are trading higher Tuesday alongside several Chinese companies in possible anticipation of the country's "618" holiday shopping event.
China's annual mid-year "618" shopping festival kicks off this weekend in what has historically been the country's second-largest shopping event by sales. About 250,000 merchants and brands from around the world took part in the event last year, which was up more than 100% from 2020, according to several reports.
Chinese stocks may also be trading higher amid easing lockdown restrictions in the country's two largest cities, Shanghai and Beijing, which were implemented following a spike in COVID-19 cases.
According to a CNBC report, JPMorgan remains "cautiously optimistic" on Chinese names after lockdowns were lifted and the country signaled an easing of regulatory pressures. Although the analyst firm acknowledges that near-term headwinds are lingering, the long-term prospects remain intact.
PDD Price Action: Pinduoduo has traded between $133.81 and $23.21 over a 52-week period.
The stock was up 11.8% at $60.81 at press time, according to data from Benzinga Pro.
Photo: courtesy of Pinduoduo.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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