print-icon
print-icon
premium-contentPremium

Record PDD Plunge Shows Consumers Are Tapped Out, Everywhere

Tyler Durden's Photo
by Tyler Durden
Tuesday, Aug 27, 2024 - 02:10 AM

This article is so good
it's for premium members only.

Does that sound like you?

Already a member? Sign in.

PREMIUM


ONLY $30/MONTH

BILLED ANNUALLY OR $35 MONTHLY

All BASIC features, plus:

  • Premium Articles: Dive into subscriber-only content, market analysis, and insights that keep you ahead of the game.
  • Access to our Private X Account, The Market Ear analysis, and Newsquawk
  • Ad-Free Experience: Enjoy an uninterrupted browsing experience.

PROFESSIONAL


ONLY $125/MONTH

BILLED ANNUALLY OR $150 MONTHLY

All PREMIUM features, plus:

  • Research Catalog: Access to our constantly updated research database, via a private Dropbox account (including hedge fund letters, research reports and analyses from all the top Wall Street banks)

By Ye Xie and George Lei, Bloomberg Markets live reporters and strategists

Even one of China’s best consumer stocks can only defy gravity for so long. PDD Holdings Inc., the e-commerce giant that owns the popular Temu app, plunged 29% on Monday in a record one-day decline after 2Q revenue and outlook both disappointed.

The predicament underscores the difficulty of getting Chinese consumers — buried under mounting debt and burdened by job insecurity — to spend more, even with cutthroat price wars.

Want more of the news you won't get anywhere else?

Sign up now and get a curated daily recap of the most popular and important stories delivered right to your inbox.