Chen Lei

Pinduoduo returns some service fees to sellers after parent PDD pledges US$1.4 bln waiver

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Pinduoduo returns some service fees to sellers after parent PDD pledges US.4 bln waiver

Chinese budget e-commerce platform Pinduoduo, run by Temu owner PDD Holdings, is offering partial refunds of service fees to merchants, after company executives promised to waive 10 billion yuan (US$1.4 billion) in charges. The main point of contention arose over so-called technical service fees, which are essentially sales commissions charged by Pinduoduo for merchants to … Read more

PDD’s stock sinks 25% after profit warning despite record revenue in June quarter

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PDD’s stock sinks 25% after profit warning despite record revenue in June quarter

PDD Holdings’ stock plunged 25 per cent on Monday after it warned of uncertainty ahead and downward pressure on profits amid increasing competition, despite reporting record revenue for the second quarter. The parent company of domestic online e-commerce platform Pinduoduo and cross-border retailer platform Temu saw its revenue reach a record 97 billion yuan (US$13.6 … Read more