HONG KONG -- Shares of Chinese e-commerce giant PDD Holdings sank nearly 30% during Monday morning trading in New York after quarterly sales came in below expectations as merchants continue to protest against the group, accusing it of imposing unreasonable fines and withholding earnings.
In the April-June quarter, total sales increased 86% on the year to 97.06 billion yuan ($13.4 billion), compared with the 100 billion yuan average estimate of analysts surveyed by LSEG.
