Shares in China’s fastest-growing ecommerce company Pinduoduo fell again on Wednesday, adding to a rout that has knocked $100bn off its market value since February.
The company reported first-quarter revenues of Rmb22.2bn ($3.47bn), up 239 per cent year on year and above analysts’ expectations, but also booked a net loss of Rmb2.9bn ($454m). The $160bn shopping app has not turned a profit since its 2018 listing.
Pinduoduo’s Nasdaq-listed shares were down as much as 6.3 per cent in early trading, extending a sell-off that began in February, in common with other Chinese tech stocks.
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