Pindoudou plans secondary offering
Pinduoduo Inc. said late Tuesday that it planned to sell 37 million of its American Depositary Shares. Pinduoduo stock was down 6.9% in after-hours trading Tuesday. The Chinese e-commerce company also said several shareholders plan to sell 14.8 million American Depositary Shares and that the underwriters would have 30 days to buy an additional 7.8 million shares. Goldman Sachs, Morgan Stanley, BofA Merrill Lynch, CICC and China Renaissance are acting as joint bookrunners for the deal. Pindoudou stock closed up 1.3% Tuesday as the S&P 500 index rose 0.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.