Why Pinduoduo Shares Are Diving

Pinduoduo Inc - ADR PDD shares are trading lower by 7.49% to $58.80 Monday morning. Shares of Chinese stocks at large are trading lower after the US announced export controls restricting China's ability to purchase certain chips.

What Happened?

Shares in top Chinese chipmakers shed $7.7 billion in market value on October 10, as new U.S export controls restricted the sale of semiconductors made with U.S. technology unless vendors obtain an export license.

The controls also barred U.S. citizens or entities from working with Chinese chipmakers without explicit approval and limited the export of manufacturing tools that would allow China to develop...Read More

See Also: Why Nvidia Shares Are Falling

According to data from Benzinga Pro, Pinduoduo has a 52-week high of $104.30 and a 52-week low of $23.21.