A former Google engineer is set to reap a spectacular gain when the Chinese ecommerce company he founded three years ago lists in New York next week, valuing his stake in Pinduoduo at about $10bn.
The fast-growing company that has shaken up an online retail market dominated by Alibaba and JD.com has set a price range of between $16 and $19 a share by offering 85.6m shares as it looks to raise up to $1.6bn.
PDD is targeting a value of about $19.4bn in the IPO — the first by a Chinese tech group since smartphone maker Xiaomi’s listing last week.
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