China's PDD suffers US$55 billion market cap wipeout after flagging an uncertain market

Quick Summary:

China's PDD Holdings missed market estimates for quarterly revenue on Monday (Aug 26), and downbeat comments from executives about China's domestic e-commerce competition and the firm's global outlook sent its shares down more than 28 per cent.

The biggest one-day share fall for PDD since it listed in the US in 2018 wiped out nearly US$55 billion in market capitalisation.

"Investors aren't sure if Pinduoduo sees what we don't see or if it's overly conservative in an uncertain macro environment," Fong added.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChina

Topics: Environment Market Competition E-commerce Cent Billion Revenue Domestic China Pinduoduo Yuan

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-27 @ 12:42:05 (6 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 558 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 22276979

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