Chinese e-commerce challenger Pinduoduo is raising over $1 billion more

The price of competing with e-commerce giants Alibaba and JD.com  is immense. That’s evidenced by challenger Pinduoduo,  commonly known as PDD, which is raising more than $1 billion in fresh capital just six months after it went public. The company announced plans to sell 37 million shares in a move that will raise more than $1 billion, going potentially as high as $1.25 billion if underwriters exercise their full share purchase option. The secondary event will also see a number of existing backers sell a portion of their stock, those sellers including Sequoia China, Lightspeed China and Banyan, according to a filing.PDD went public in July when it raised $1.6 billion through a Nasdaq listing.