Pinduoduo to Raise More Than $1 Billion in Alibaba Challenge

China’s upstart e-commerce company Pinduoduo Inc. and its shareholders filed to sell more than 50 million shares in a secondary offering that could raise about $1.5 billion after the company’s public debut last year.

The Shanghai-based company plans to sell 37 million American depository shares, while investors market 14.8 million, according to a securities filing. The shares fell 4.6 percent in U.S. trading Wednesday to $28.94. The lockup period for PDD’s shares expired last month and the selling shareholders include Banyan Partners, Sun Vantage Investment and Lightspeed China.