PDD Holdings, the owner of ecommerce apps Pinduoduo and Temu, has warned of an “inevitable” decline in profitability, leading shares to fall 29 per cent in New York.
The warning comes as PDD’s ecommerce apps face rising competition in China and around the world, and as the tech sector has to tread a careful line in Beijing, where authorities are prioritising high-end manufacturing.
In an hour-long call with investors and Wall Street analysts on Monday in New York, PDD’s executives said they were “committed to high-quality development”, parroting Beijing’s current policy priority.
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