Pinduoduo Inc - ADR (NASDAQ:PDD) shares are trading higher by 6.86% at $52.36. Strength is possibly due to hopes of a Shanghai reopening.
The COVID-19 lockdown in Shanghai and other parts of China has otherwise weighed on the broader Chinese economy and Chinese stocks in 2022. 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.
