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Companies

China group discounter Pinduoduo raises $1.1bn in share placement

Alibaba rival secures funds for growth despite volatile markets

Pinduoduo's headquarters: The company lets e-shoppers secure discounts by buying in groups.   © Reuters

HONG KONG (Reuters) -- Chinese e-commerce firm Pinduoduo Inc said on Tuesday that it had raised $1.1 billion in a private share placement, bolstering its ability to finance growth, despite recent market volatility.

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