PDD Holdings, the Chinese language proprietor of on-line purchasing platform Temu, has reported a close to 50% drop in revenue as US President Donald Trump’s commerce insurance policies added to its struggles in its residence nation.
US-listed shares of the e-commerce big fell by greater than 13% on Tuesday, after the agency mentioned its income for the primary three months of the 12 months fell to 14.74bn yuan ($2.05bn , £1.5bn).
Earlier this month, the Trump administration ended the so-called “de minimis” exemption that allowed parcels price lower than $800 (£593) enter the US with out being hit with import duties.
In China, PDD has been locked in a long-running value struggle with rivals like Alibaba and JD.com within the face of weak shopper spending.
