China’s Pinduoduo raised $1.1 billion in private share placement

Chinese e-commerce company Pinduoduo raised $1.1 billion in a private share placement that will enable its further expansion & allow it to capture “additional opportunities” during the times of uncertainty. Investors were granted newly issued Class A ordinary shares of Pinduoduo representing approximately 2.8% of the company’s total outstanding shares. The capital raise comes weeks after the Shanghai-based company said it was bracing for losses due to the coronavirus outbreak.

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