Pinduoduo seeks blockbuster US IPO

Chinese e-commerce venture, Pinduoduo, aka PDD, is looking to raise least $1 billion in a US initial public offering, valuing it at $30 billion.

PDD, which lets users participate in group buying deals, mostly through Tencent’s WeChat service, has become China's third-largest e-commerce company in terms of sales, behind Alibaba and JD.com.