Movement Alert｜PDD Holdings Falls 3.16% in Regular Trading, Daiwa Downgrade Combined With EU Fine on Temu Continues to Weigh on Shares

Market Focus06-26 03:57

On June 26, PDD Holdings fell 3.16% in regular trading, trading at $73.365/share, with turnover of $1.03 billion, extending its recent weakness.

On the news front, Daiwa recently downgraded PDD from Buy to Hold and slashed its price target from $145 to $80. Meanwhile, the company's Q1 earnings came in below market expectations, compounded by the EU imposing a 200 million euro fine on its cross-border e-commerce platform Temu under the Digital Services Act. Following a 19-month investigation, EU regulators determined that certain Temu products posed safety risks and that its algorithmic recommendation system accelerated the circulation of non-compliant goods. If substantive rectification is not completed within the deadline, PDD could face an additional penalty of up to 6% of its global annual revenue.

Within the Broadline Retail sector, peers also declined broadly. Among major names, Alibaba fell 4.86%, Amazon fell 3.44%, MercadoLibre fell 2.6%, and JD.com fell 1.12%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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