Why Pinduoduo (PDD) Stock Hit A New 52-Week High Today

Pinduoduo Inc - ADR PDD shares are trading higher by 5.48% to $96.05 Thursday afternoon. Shares of Chinese companies at large are trading higher Thursday after Chinese regulators reportedly approved a capital raise for Ant Group. Chinese stocks have also been volatility following the recent easing of COVID restrictions.

What's Happening?

The China Banking and Insurance Regulatory Commission division approved the company’s plan to raise its capital to 18.5 billion yuan, reported Bloomberg, citing a notice dated Dec. 30.

Following the deal, Ant, which contributed 5.25 billion yuan, will control half of its shares while a unit owned by the city of Hangzhou will hold 10%, the report said...Read More

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Pinduoduo is the third-largest e-commerce platform by gross merchandise volume and the largest platform by active buyer in China.

According to data from Benzinga Pro, PDD has a 52-week high of $96.75 and a 52-week low of $23.21.