Why Pinduoduo Stock Got Destroyed Today
It's looking like a rough day for the Nasdaq Tuesday, with the tech-heavy index down 1.8% as of 1:45 p.m. ET. Shares of Chinese "mobile only" e-commerce site Pinduoduo (NASDAQ: PDD) are getting hit disproportionately hard however, down 11.8%. And you can blame The Wall Street Journal (WSJ) for this.
In a report on the disconnect between stock-market performance within China and the performance of Chinese stocks that trade in the United States, WSJ pointed out that "the total value of onshore Chinese stocks rose about 20% last year" -- but "Chinese stocks listed in the U.S." declined by 42%, on average.
That is quite a disconnect. But why is it happening?
Source Fool.com
