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Pinduoduo Stock Gains 5%, Rally Continues

Shares of Pinduoduo Inc. (PDD) are gaining over 5% on Thursday morning, continuing its rally from Tuesday after a top Chinese official reportedly showed support for digital platform companies, which indicated of possible ease on the ongoing crackdown against tech companies.

PDD is currently trading at $40.72, up $2.13 or 5.52%, on the NYSE. The stock opened its trading at $39.53 after closing Wednesday's trading at $38.59. The stock has traded between $23.21 and $143.11 in the past 52-week period.

According to Bloomberg, China's Vice Premier Liu He, the country's top economic advisor, said that Beijing would support companies that are central to the digital economy in China. The comments comes in the wake of a year-long crackdown by Chinese government on some of the country's big technology companies.

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