China to investigate online discounter Pinduoduo over reports of illegal practices

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China's markets regulator said on Wednesday it has asked Shanghai regulators to investigate online group discounter Pinduoduo regarding media reports about counterfeit goods and intellectual property infringements on the platform.

The regulators will deal seriously with any illegal practices found on the platform, the State Administration for Market Regulation said on its website.

Earlier this month, Pinduoduo had priced its U.S. initial public offering (IPO) at $19 per American depositary share (ADS), raising $1.63 billion in the second-biggest U.S. float by a Chinese firm this year, according to sources familiar with the situation.

— CNBC contributed to this report.

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