China's Pinduoduo raises $1.1b in private placement amid volatile markets

China's Pinduoduo raises $1.1b in private placement amid volatile markets

The Pinduoduo logo. Photographer: Qilai Shen/Bloomberg

Chinese e-commerce firm Pinduoduo Inc said on Tuesday that it had raised $1.1 billion in a private share placement, bolstering its ability to finance growth, despite recent market volatility.