HONG KONG -- Tencent Holdings-backed Pinduoduo on Tuesday shrugged off allegations over its accounting practices, insisting it employed the "highest standards" as it reported better-than-expected third quarter earnings.
Shares in Pinduoduo, which recently listed on Nasdaq, have surged despite accusations from Texas-based short seller Blue Orca that China's third largest e-commerce platform was "uninvestable" as a result of differences between figures reported in its listing prospectus and those submitted to the Chinese government. Pinduoduo shares each closed at $23.14 in New York on Tuesday, up 16.6% from Monday.
