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 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 and tech giant Tencent Holdings for the deal, said three sources.