Pinduoduo Inc PDD Stocks are trading higher on Tuesday, recovering after falling on Monday’s news Xi Jinpings third term.

What happened: The Central Committee of Chinese Communist Party elected Xi as his general secretary for another five years. He was first elected in 2012 and his second term was due to end this year. Xi also appointed loyalists to the Politburo Standing Committee, which represents the core circle of power in the Chinese Communist Party.

Under Xi’s leadership, China has done so cracked down on big tech companies citing privacy concerns. Xi is also sticking to his strict zero-COVID policy This has led to prolonged lockdowns in several Chinese cities while most of the world has reopened.

investors seemed worried on the potential for continued tough Chinese policies after Xi’s re-election, but buyers are coming back Chinese names on Tuesday.

Pinduoduo is the third largest e-commerce platform by gross merchandise volume and the largest platform for active buyers in China.

From last week: Check out what whales are doing with PDD

PDD Price Action: Pinduoduo has a 52-week high of $73.02 and a 52-week low of $23.21.

The stock is up 5.69% at $46.99 at press time Gasoline Pro.

Photo: jcx516 from Pixabay.