Why Is Pinduoduo (PDD) Stock Down Again Today?

Concern over the direction of China’s economy is leading even the best Chinese stocks listed in New York, like PDD Holdings (NASDAQ:PDD) stock, lower this morning.PDD is Pinduoduo. It owns Temu, the shopping site Americans have been buying from relentlessly. Shares dropped 8% on Jan. 29 and another 3.5% overnight. The stock was due to open today near $125 per share.That’s still a rich valuation, a market capitalization of$172 billion on expected 2023 sales of $28 billion at current exchange rates. But near ...