PINDUODUO INC.

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Delayed Nasdaq  -  04:00 2022-07-01 pm EDT
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Chinese internet stocks rise on hopes of easing regulation

05/17/2022 | 06:53am EDT

May 17 (Reuters) - U.S.-listed shares of Chinese technology companies rose, driven by expectations of China easing its regulatory crackdown on the country's internet companies, while falling COVID-19 cases raised hopes of a boost to economic activity.

Chinese Vice-Premier Liu He is scheduled to address tech executives at a meeting convened by the country's top political consultative body on Tuesday to promote the development of its digital economy, according to sources.

Investors were on the lookout for remarks made by Liu and others on the extent to which Chinese authorities will ease a regulatory crackdown on the tech sector.

American despository receipts of companies such as search engine Baidu Inc , Pinduoduo Inc, Alibaba Group and ride-hailing firm Didi Global rose between 4% and 10% in trading before the bell.

The conversations between China's ruling body and technology executives does seem to bring about expectations that the tech crackdown might be coming to an end, said Danni Hewson, an analyst at AJ Bell.

"When you look at some of the valuations now, they look good by comparison to some of the US tech stocks and there is a massive marketplace for them," Hewson added.

Shanghai reported no new COVID-19 cases outside of quarantine zones and the nation's caseload fell as the city plans to resume outdoor activities in stages.

The country's state planner also said it would strengthen support for manufacturers, service sector and small firms as COVID-19 lockdowns hit economic activity.

Chinese technology companies have been hit since the country cracked down on the sector in late 2020.

(Reporting by Akash Sriram and Bansari Mayur Kamdar in Bengaluru; Editing by Maju Samuel)


© Reuters 2022
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PINDUODUO INC. 4.89% 64.82 Delayed Quote.11.18%
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Financials
Sales 2022 110 B 16 378 M 16 378 M
Net income 2022 13 297 M 1 984 M 1 984 M
Net cash 2022 81 043 M 12 094 M 12 094 M
P/E ratio 2022 46,1x
Yield 2022 -
Capitalization 549 B 81 957 M 81 957 M
EV / Sales 2022 4,27x
EV / Sales 2023 3,18x
Nbr of Employees 9 762
Free-Float 78,1%
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Mean consensus BUY
Number of Analysts 41
Last Close Price 434,36 CNY
Average target price 462,25 CNY
Spread / Average Target 6,42%
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Managers and Directors
Lei Chen Chairman & Chief Executive Officer
Jun Liu Vice President-Finance
Jun Yun Xiao Senior Vice President-Operation
Nan Peng Shen Independent Director
Qi Lu Independent Director
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