Why Pinduoduo (PDD) Shares Are Trading Higher Thursday

PDD Holdings Inc - ADR PDD shares are trading higher by 5.38% to $76.78 during Thursday's session. Shares of several Chinese stocks are trading higher as news of Alibaba Group splitting into 6 business groups lifts the Chinese market.

Also, reports suggesting Alibaba's logistics unit is preparing for a Hong Kong IPO and JD.com announcing spin-offs are also impacting Asian equities.

What's Going On With Alibaba And JD.Com?

According to a Bloomberg report, Alibaba's logistics arm, Cainiao Network Technology has begun preparations with banks for its Hong Kong initial public offering.

Cainiao, working alongside banks such as China International Capital and Citigroup, is reportedly looking for a listing as early as the end of 2023...Read More

Meanwhile, JD.Com shares are moving higher after the company announced it intends to spin-off JD Property and JD Industrial by way of a separate listing of the JD Property Shares and JD Industrial Shares on the Main Board of the Hong Kong Stock Exchange...Read More

According to data from Benzinga Pro, PDD has a 52-week high of $106.38 and a 52-week low of $31.01.