PDD’s $55 billion stock crash sends warning on Chinese economy

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The story "PDD’s $55 billion stock crash sends warning on Chinese economy" was covered 5 days ago by Business Mirror, a news publisher based in Philippines.

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PDD’s $55 billion stock crash sends warning on Chinese economy - Business Mirror

Quick Summary:

One of the last remaining bright spots for Chinese consumption is rapidly fading, as the nation’s economic malaise takes a toll on demand for even the most accessible of goods.

The e-commerce firm, which became a market darling with low-priced goods that helped propel sales and profits during China’s economic downturn, also reported revenue that missed estimates.

In the latest warning to global markets on the health of the Chinese economy, Temu-owner PDD Holdings Inc.on Monday surprised investors with an unusually gloomy outlook.