Pinduoduo (PDD, Financial), a Chinese e-commerce platform, experienced significant intraday stock price fluctuations recently. Initially, documents revealed that BlackRock (BLK) had considerably increased its stake in Pinduoduo from 29 million shares in the second quarter to over 132 million shares, which would constitute 9.5% of Pinduoduo's total shares.
However, this news was soon corrected. BlackRock issued another announcement indicating that the prior disclosure was a mistake. They adjusted their Pinduoduo holdings to approximately 33 million shares, which translates to a 2.4% stake in the company. It is important to note that each American Depositary Share (ADS) of Pinduoduo is equivalent to four Class A ordinary shares.
