Shares of Chinese companies, including Pinduoduo Inc - ADR (NASDAQ:PDD), are trading lower. Concerns over COVID-19 cases in China, as well as U.S. market weakness, have pressured Chinese stocks today.
The COVID-19 lockdown in Shanghai and other parts of China has weighed on the broader Chinese economy and Chinese stocks in recent months. The IMF in April downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.
Shares of multiple Chinese companies have seen volatility in 2022 and are trading lower on a year-to-date basis following reports the SEC has identified multiple US-listed ADRs as having not adhered to the Holding Foreign Companies Accountable act. The continued Russia-Ukraine conflict could also be impacting Chinese stocks.
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Pinduoduo is the third-largest e-commerce platform by gross merchandise volume.
According to data from Benzinga Pro, Pinduoduo has a 52-week high of $143.11 and a 52-week low of $23.21.
