Photo taken on July 17, 2020 shows an office of online marketplace Pinduoduo in east China's Shanghai. (Xinhua/Fang Zhe)
BEIJING, Aug. 26 (Xinhua) -- Chinese e-commerce platform Pinduoduo Inc. (Nasdaq: PDD) was officially included as a component of the Nasdaq-100 index (NDX) on Tuesday.
This made Pinduoduo become the youngest current component of the NDX.
The Nasdaq-100 index is one of the world's preeminent large-cap growth indexes. It includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The component companies of the index have a combined market capitalization of more than 10 trillion U.S. dollars.
Based on current market capitalization weights, Apple, Amazon, Microsoft, Google and Facebook are the top five in the Nasdaq 100, while Pinduoduo currently ranks the 26th.
Founded in 2015, Pinduoduo is known for offering bulk purchase deals with big discounts and enjoys a huge consumer base in rural areas and small cities.
The Chinese e-commerce platform started trading on Nasdaq in July 2018. Since then, the number of Pinduoduo users has doubled from 344 million to 683 million, with the annual turnover of the company soaring 384 percent from 262.1 billion yuan to 1.27 trillion yuan. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
A single purchase
