Pinduoduo drops as Tencent sells Sea Ltd shares, Ark Fund sells
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Pinduoduo (NASDAQ:PDD) declined 11% as Tencent (OTCPK:TCEHY) reportedly sold Sea Ltd. (NYSE:SE) shares at the bottom end of a range and one of Cathie Wood's Ark funds sold shares of the Chinese ecommerce company.
Tencent aimed to unload stock in a block trade of 14.5M Sea shares, offered at $208-$212 each. That trade has reportedly priced at $208, a 6.9 discount to Monday's closing price.

Cathie Wood sold 250,500 Pinduoduo (PDD) shares in the Ark Fintech Innovation ETF (NYSEARCA:ARKF).
Pinduoduo investors may be concerned that the ecommerce company may be the next target for Tencent to reduce its stake after recently selling JD.com
(NASDAQ:JD) and cutting its stake in Sea (SE).
Morgan Stanley analyst Gary Yu said last month that he doesn't not expect further divestments of other investments in the near-term, citing the fact that JD.com (JD) is more mature than other Tencent investments, such as Meituan (OTCPK:MPNGF), Pinduoduo (PDD), Kuaishou (OTCPK:KUASF), Bilibili (NASDAQ:BILI) and Sea (SE).
Also see SA contributor Snowball Investing's piece entitled "Pinduoduo: Attractive If Growth Would Be Able To Sustain After Cutting Marketing Expenses."