- Pinduoduo ( NASDAQ: PDD ) may launch a cross-border e-commerce platform in the early part of September, with the U.S. as its first market, Chinese news outlet Late Post reported .
- The news outlet added that Pinduoduo ( PDD ), which has built its platform connecting farmers and distributors directly with consumers to buy fruits and vegetables, could go after merchants from all categories and have a business model similar to that of Shein, the Chinese fast fashion company.
- Pinduoduo ( PDD ) shares rose nearly 0.5% to $49.62 in premarket trading.
- Late Post added that the project is considered one of Pinduoduo's ( PDD ) most important initiatives at the moment and "several" supervisors that were working on the company's community group buying business have been transferred to work on this task.
- Pinduoduo ( PDD ) did not immediately respond to a request for comment from Seeking Alpha.
- Chinese tech stocks, including Pinduoduo ( PDD ), fell on Tuesday, after conflicting reports suggested that Tencent ( OTCPK:TCEHY ) may or may not sell its stake in Chinese food delivery company Meituan .
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Pinduoduo could launch cross-border e-commerce platform in US in September: report