Reported about 2 months ago
PDD Holdings, a major player in China's e-commerce sector, has seen its stock value drop by $55 billion due to a bleak economic forecast, raising alarms about the state of Chinese consumer demand. The company's CEO highlighted declining revenues and profits, attributing this downturn to shifting consumer behavior, increased competition, and an unstable economic environment. This development, following downturns at other brands like Starbucks and Din Tai Fung, underscores significant economic challenges in China, particularly as retail growth lags behind pre-pandemic levels.
Source: YAHOO