Pinduoduo announces private placement to certain long term Investors

Pinduoduo Inc, an innovative and fast growing technology platform and one of the leading Chinese e-commerce players, today announced that certain long-term investors have agreed to purchase through a private placement a total of US$1.1 billion of newly issued Class A ordinary shares of the company, representing approximately 2.8% of the company’s total outstanding shares. The transaction is expected to be closed in early April 2020.