China’s Pinduoduo raises $1.1 billion in share placement amid volatile markets

HONG KONG (Reuters) – Chinese e-commerce firm Pinduoduo Inc said on Tuesday that it had raised $1.1 billion in a private share placement, bolstering its ability to finance growth, despite recent market volatility.

Undeterred by a coronavirus epidemic that has cast a shadow over the global economy and rocked financial markets around the world, Nasdaq-listed Pinduoduo has secured several long-term investors for the deal.

The fast-growing company has issued new shares to the investors, which represented about 2.8% of its enlarged share capital. It looks to close the transaction in early April, according to its statement.

(Reporting by Julie Zhu, editing by Louise Heavens)