FILE PHOTO: People are seen at their desks at the headquarters of Chinese online group discounter Pinduoduo in Shanghai, China July 25, 2018. Picture taken July 25, 2018. REUTERS/Stringer
HONG KONG (Reuters) – Chinese e-commerce firm Pinduoduo Inc (PDD.O) 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 the coronavirus epidemic that has rocked financial markets around the world, Nasdaq-listed Pinduoduo has secured several long-term investors including Chinese private equity firms Hillhouse Capital and Boyu Capital for the deal, said two sources.
Pinduoduo declined to comment on investors. Hillhouse and Boyu did not immediately respond to requests for comment.
The company said it plans to use the proceeds to help finance growth, upgrade users’ shopping experience and offer more subsidized products. It looks to close the transaction in early April.
The move…
Source Reuters Tech News
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