Chinese regulators are investigating Pinduoduo Inc. after media reports of third-party vendors selling counterfeit goods on its group-discounting marketplace, a move analysts said is likely to further batter the firm’s newly listed shares. The probe comes just days after the Shanghai-based startup raised $1.63 billion in the year’s second-biggest U.S. listing by a Chinese firm, which valued Pinduoduo at $23.8 billion.
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