Chinese e-commerce upstart Pinduoduo has been an investor darling for much of its eye-popping growth. But efforts to maintain its ascent are proving increasingly costly.
The Shanghai-based company, which debuted on the Nasdaq in 2018, has become a favorite stock for institutional investors, sitting among the top holdings in 54 portfolios, according to market data provider Whale Wisdom. Pinduoduo was also the biggest asset of leading private equity fund Hillhouse Capital Group and Greenwoods Asset Management Limited as of the end of 2020.
