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Pinduoduo Stock Jumps 10% On Reports Of Eligibility To List In Hong Kong

Shares of Pinduoduo Inc. (PDD) gained over 10% on Tuesday morning on reports that the Chinese e-commerce platform is eligible to list on Hong Kong Stock Exchange.

PDD is currently trading at $61.96, up $5.95 or 10.62%, on the Nasdaq. The stock has traded between $51.91 and $212.60 in the 52 week period.

According to a report by Goldman Sachs, Pinduoduo is among the 27 US-traded Chinese companies that is eligible for a secondary listing in Hong Kong, as the city will most likely welcome companies that want to come home amid rising risks of US-listed Chinese firms being delisted.

The American depositary receipts (ADRs) of Chinese companies and tech firms listed in Hong Kong have plummeted following Didi Global's decision to delist in the US amid a cybersecurity probe by Beijing.

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