Temu parent PDD Holdings is taking strain at home while its international business has been hit by global trade uncertainty.
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Temu owner PDD Holdings has become the latest company to surprise investors with a gloomy outlook.
PDD Holdings more than doubled revenue after deepening inroads into countries including South Africa.
Pinduoduo’s hit shopping app Temu has gone from zero to rivalling Amazon and Walmart in just over a year.
President Xi Jinping has increasingly emphasised the idea of “common prosperity” as the Communist Party tries to address the country’s wealth gap.