BUSINESS Pinduoduo hits record-high stock price on Nasdaq

BUSINESS

Pinduoduo hits record-high stock price on Nasdaq

By Wang Junwei | chinadaily.com.cn

18:02, May 13, 2020

People are seen at their desks at the headquarters of Chinese online group discounter Pinduoduo in Shanghai, July 25, 2018. [Photo/Agencies]

Nasdaq listed Chinese online group discounter Pinduoduo saw a strong performance in the stock market as of Tuesday, with its price surging 5.26 percent to $57.83 per share, reaching a market value of $69.26 billion.

The record-high stock price gave Pinduoduo fourth place in market value among domestic internet firms, and it also was more than double that of Chinese search giant Baidu ($33.7 billion). Pinduoduo's e-commerce counterpart, JD, saw a rise of 0.66 percent to $68.37 billion in stock value.

Alibaba was China's most valuable internet company with over 3.8 trillion yuan ($536 billion), followed by Tencent Holdings (above 3.7 trillion yuan) and on-demand services platform Meituan-Dianping (around 600 billion yuan), as per a Tuesday report from 21 Century Business Herald.

Colin Huang Zheng, chairman and CEO of Pinduoduo, saw a real time personal net worth of $30 billion, just after Alibaba's Jack Ma Yun ($41.3 billion) and Tencent's Pony Ma Huateng ($48.4 billion), according to Forbes' rich list citing in the report.

Founded in 2015, Pinduoduo has become China's second largest e-commerce platform in terms of user numbers, 21 Century Business Herald reported, posting total revenue of 30.14 billion yuan in 2019, according to Pinduoduo's annual report.

On March 31, Tencent invested about $50 million in Pinduoduo by subscribing to the latter's 6,155,740 Class A ordinary shares in the US stock market. Pinduoduo in April also announced a strategic partnership with Gome Retail by investing $200 million worth of convertible bonds in the household appliance and electronics retailer.

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