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Pinduoduo Emerges as Big Winner in Covid-Zero China

  • Stock soars as consumers flock to lower-cost products
  • Cheaper platform group buying options add to appeal: investors
Pinduoduo app

Pinduoduo app

Photographer: Chan Long Hei/Bloomberg
Updated on

As Chinese consumers curb their spending in a pandemic-stricken economy, one discount e-commerce firm is emerging as a clear stock-market winner.

Shares of Pinduoduo Inc., which sells everything from groceries to beauty products, have soared 43% over the past month, ranking as the top performer in the Nasdaq Golden Dragon China Index, which has slipped 0.9%. The stock has now rallied 167% from its March low, trouncing competitors including Alibaba Group Holding Ltd. and Inc.