Pinduoduo accused of peddling counterfeit products
Pinduoduo Inc. (拼多多) is a social e-commerce start-up based in Shanghai. Pinduoduo offers to shoppers discounts on bulk orders; in fact, shoppers are encouraged to form “teams” with their social networking connections on WeChat and QQ to score bigger discounts. Pinduoduo filed its Initial Public Offering on Nasdaq (American stock exchange) on July 26; the IPO offered 85.6 million American depository shares at US $19. The opening price was US $26.5 per American depository shares, up nearly 40% from the issued price. Its massive IPO ranked alongside other Chinese e-commerce giants such as...