China's Pinduoduo raises $1.1 billion in private share placement

Chinese e-commerce firm Pinduoduo said on Tuesday it had raised $1.1 billion in a private share placement that will enable its further expansion and allow it to capture “additional opportunities” during the times of uncertainty. The investors were granted newly issued Class A ordinary shares of Pinduoduo representing approximately 2.8% of the company's total outstanding shares. The firm’s fourth-quarter revenue growth fell short of expectations.

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