Pinduoduo Inc., a Chinese technology platform, announced that certain long-term investors have agreed to purchase through a private placement a total of US$1.1 billion.
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Despite the impact brought by the current epidemic in financial markets, Nasdaq-listed Pinduduo has secured several long-term investors including Chinese private equity firms Hillhouse Capital and Boyu Capital and tech giant Tencent Holdings.
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The purchase of US$1.1 billion from the investor represents approximately 2.8% of the company’s total outstanding shares. The transaction is expected to be closed in early April 2020.