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.
Retail
PDD shares plummet as Temu protests in China continue
Online retailer says profit will drop since high revenue growth not sustainable
China's PDD Holdings is the parent company of Chinese app Pinduoduo and cross-border e-commerce platform Temu. © Reuters
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