Here's Why Pinduoduo Shares Are Moving

Pinduoduo Inc - ADR PDD shares are trading lower by 3.97% to $92.95 Friday afternoon. Shares of several Chinese companies are trading lower Friday amid weakness in global stocks on concerns of US inflation and Fed policy tightening. Additionally, shares of China Renaissance fell after founder Bao Fan reportedly went missing.

So What's Going On In China?

Bao’s disappearance renewed concerns of a potential Beijing crackdown on business and tech leaders amid President Xi Jinping's sweeping anti-corruption campaign. It is also one of the latest in a series of cases of top Chinese executives going missing without apparent explanation.

Bao is a leading Chinese deal broker whose clients include top tech giants, including Didi and Meituan...Read More

According to data from Benzinga Pro, PDD has a 52-week high of $106.38 and a 52-week low of $23.21.