- Pinduoduo ( NASDAQ: PDD ) shares fell more than 7% Wednesday as the provider of e-commerce services and platforms in China retreated amid reports of new lockdowns and efforts to stem a rise in new Covid cases in parts of the country.
- China, which continues to implement a strict policy of zero new Covid cases, was said to be running massive new virus-testing operations around Shanghai, where Pinduoduo ( PDD ) is headquartered. CNN also reported that the city of Xian, and its 13 million people, had been partially locked down due to a rise in Covid cases involving an Omicron subvariant of the virus.
- As Pinduoduo ( PDD ) fell, several other leading Chinese stocks also lost ground Wednesday, with Alibaba ( BABA ) slipping by almost 1%, Baidu ( BIDU ) giving up more than 3% and Weibo ( WB ) falling more than 4%.
- Chinese online gaming company NetEase ( NTES ) ended the day down by more than 3% despite getting positive comments from Macquarie analyst Esme Pau, who started her coverage of NetEase ( NTES ) with an outperform rating and $129-a-share price target on the company's stock .
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Why did Pinduoduo shares drop 7%? Reports of more Covid lockdowns in China