Caixin
Aug 02, 2018 05:07 AM
BUSINESS & TECH

Pinduoduo Tumbles Below IPO Price Amid Fake Goods Probe

A message on a video screen in New York’s Times Square welcomes Pinduoduo to the Nasdaq Stock Market on July 26. Photo: VCG
A message on a video screen in New York’s Times Square welcomes Pinduoduo to the Nasdaq Stock Market on July 26. Photo: VCG

Chinese discount e-commerce site Pinduoduo Inc. was hit by a sell-off less than one week after its strong debut on Nasdaq, reflecting investor concerns over allegations of selling counterfeit goods.

Shares of Shanghai-based Pinduoduo, which raised $1.63 billion in one of the biggest flotations by a Chinese enterprise this year, plunged more than 16% Wednesday morning to $18.68, falling below the offering price last Thursday of $19.

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