HONG KONG — PDD Holdings, the parent of marketplace app Pinduoduo and cross-border platform Temu, reported quarterly sales below expectations as merchants continued to protest the Chinese e-commerce giant for allegedly imposing unreasonable fines and withholding revenue.
Total sales in the April-June quarter rose 86% year-on-year to 97.06 billion yuan ($13.36 billion), compared with an average estimate of 100 billion yuan by analysts polled by LSEG.