In response to media reports that Pinduoduo would return to Hong Kong for a secondary listing, Pinduoduo denied it.
A spokesperson for Pinduoduo said that the plan had never been discussed with any intermediaries, nor had there been any contact with any exchanges on the topic of "secondary listing".
The spokesperson, the company's cash flow is healthy, and its cash reserves and revenue growth to date are sufficient to sustain the "100 million subsidy" for many years, so there are no plans for a secondary listing.
Earlier today, Tencent News reported that Pinduoduo, another US-listed Chinese tech company, is set to return to Hong Kong for a secondary listing.
The report said it identified CICC as one of its sponsors. Citing sources, the report said Pinduoduo originally planned to submit its application in mid-June but did not rule out a speed-up.
Pinduoduo is able to "speed up" because the Listing Committee of the Hong Kong Stock Exchange is fully committed to pushing Chinese companies that have recently listed in the United States to return to Hong Kong for a secondary listing, giving the green light to all Chinese companies listed in the United States to "speed up" their listing in Hong Kong.
On July 27, 2018, Pinduoduo, which was only 34 months old, went public in the US with Goldman Sachs and CICC as its underwriting team.
