The “refund-only” policy in China’s e-commerce sector – where consumers can get back money for goods bought from merchants, without returning the products – is now under scrutiny, as analysts point to how the practice has been abused in the local market. China’s market regulator has directed PDD Holdings, operator of popular budget-shopping platforms Pinduoduo … Read more
PDD Holdings shares plunged by more than 10 per cent in pre-market trading, despite a 44 per cent rise in third-quarter revenue, as concerns around China’s economic slowdown and fierce e-commerce competition weigh on investor sentiment. The owner of the budget-focused shopping app Pinduoduo and its overseas sibling Temu on Thursday reported 99.35 billion yuan … Read more
Chinese e-commerce platform Pinduoduo will start removing sellers of counterfeit products from its multibillion yuan subsidy programme, as its operator – Temu owner PDD Holdings – and major rivals make operational changes in response to Beijing’s “anti-involution” call. Pinduoduo on Monday updated its rules for merchants taking part in its subsidy programme, stating that the … Read more
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
