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☆ A way to play the China stock breakout using options following the big stimulus there
▼ + stars: | 2024-09-26 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

The Fed effectively cut rates to zero during the pandemic plunge, and the S & P had an extraordinary bull market. How to play it Consider PDD Holdings . PDD Holdings Inc. is a multinational commerce group that owns and operates several online platforms. PDD YTD mountain PDD Holdings, YTD The share price is nearly 44% below the all-time highs of early 2021. If you're looking for a single stock to get involved with to hitch your wagon to PBOC's train, consider PDD Holdings.

Persons: you've, I've, PDD Organizations: Fed, People's Bank of China, Holdings, PDD Holdings Inc, Pinduoduo, PDD Holdings, CNBC, NBC UNIVERSAL Locations: U.S, United States, China

☆ China’s growing e-commerce market is creating a new set of winners
▼ + stars: | 2024-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"Improving domestic ecommerce market share should lead to better monetization eventually," Yao said. The investment firm expects Douyin to match PDD's market share of 21% next year, and surpass it by reaching 22% in 2026. Tencent's WeChat Video Account platform is expected to retain about 2% to 3% of GMV market share through 2026, the Goldman analysis said. The video streaming platform last month reported e-commerce GMV grew by 28.2% year-on-year in the first quarter to 288.1 billion yuan ($40,55 billion). The firm forecasts Kuaishou's e-commerce GMV revenue will grow by 25% this year, although livestreaming revenue — which has accounted for about a third of total revenue — is expected to drop due to a high base.

Persons: James Yang, Bain, Joe Tsai, Emily Tan, Yang, Alibaba, Goldman Sachs, Ronald Keung, David Ma, China's, Morgan Stanley, Eddy Wang, Kenneth Fong, JD, David Beckham, Alex Yao, monetization, Yao, Tmall's GMV, Douyin, Alibaba's, Tencent's, Goldman, Sophie Huang, — CNBC's Michael Bloom Organizations: Bain and Company, PDD Holdings, Goldman, UBS, JPMorgan China, ByteDance, Hong Locations: China, Hong Kong, Asia, U.S, Alibaba, 2Q24, 2Q24E

☆ How Temu parent PDD dethroned Alibaba to become China's most valuable e-commerce company
▼ + stars: | 2024-05-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

PDD's value-for-money positioning and growth of its Temu marketplace has helped the company lead China's e-commerce arena, analysts said, making it the country's most valuable company in the segment. PDD Holdings reported stellar first-quarter results on Wednesday last week, sending its shares surging as much as 7.5%, and driving its market-cap past that of rival Alibaba Group . PDD shares have more than doubled in value — up 109% — in the past year, according to LSEG data. PDD, which also owns Chinese discount shopping app Pinduoduo has a market-cap of about $208 billion, compared with Alibaba's $196 billion, according to LSEG data. The market has "now more than priced in" the two key concerns – domestic competition and U.S.-China tensions – which were behind our earlier downgrade on PDD in March, said Keung.

Persons: Morningstar, Chelsey Tam, PDD, Goldman Sachs, Temu, Ronald Keung Organizations: PDD Holdings, Alibaba, Morningstar Locations: China

☆ Five stocks to buy and hold for the long term, according to the pros
▼ + stars: | 2024-04-02 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +8 min

CNBC Pro asked three fund managers for their stock picks to to buy now and hold for the longer term. The average price target for PepsiCo is $186.77, according to FactSet data, giving it potential upside of 6.7%. According to Factset data, of 30 analysts, 18 give the stock a buy or overweight rating while 12 have a hold rating. According to FactSet data, of 18 analysts, 14 give the stock a buy or overweight rating, three have a hold rating and one has a sell rating. The average price target for PDD is $180.12, according to FactSet data, giving it potential upside of 54.9%.

Persons: David Dietze, PepsiCo Dietze, Dietze, Bud Light, Michael Field, Edenred, Jason Hsu, Hsu, OpenAI, Elon Musk, Sam Altman, Greg Brockman, Altman Organizations: Wealth Management, CNBC Pro, PepsiCo, Coca Cola, Anheuser, Busch, Brussels Stock Exchange, New York Stock Exchange, Euronext Paris Stock Exchange, Microsoft, Rayliant Global Advisors, OpenAI, Nasdaq Locations: Belgian, U.S, South America, Europe, Edenred, China

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Coinbase, Sony, Oracle, FedEx, Nike, Carvana & more
▼ + stars: | 2024-03-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

"We initiate coverage on Regeneron with an Outperform rating and $1,125 price target." Canaccord reiterates MicroStrategy as buy Canaccord raised its price target on the crypto company to $1,810 per share from $975. "We are initiating coverage of The New York Times with a Buy rating and a $52 target price. "DG – Upgrading to Neutral Raising Price Target to $158." "We are initiating coverage of Central Garden & Pet ( CENT) with a BUY rating and $52 price target."

Persons: Bernstein, Morgan Stanley, Tesla, it's, optionality, Canaccord, Goldman Sachs, PDD, Goldman, Jefferies, underperform Jefferies, Raymond James, underperform Raymond James, Argus, Evercore, William Blair, Goldman Sacks Organizations: Citi, New York Times, Nike, JPMorgan, RBC, Bank of America, Apple, Oracle, Central, FedEx, Macquarie, Sony Locations: China

☆ JPMorgan and Morgan Stanley reveal their top U.S.-listed Chinese internet stocks
▼ + stars: | 2024-01-23 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Morgan Stanley and JPMorgan named their key China internet picks and the themes to watch right now. Focus is on resilient content leaders, unique growth opportunities, and AI enablers," Morgan Stanley said in a Jan. 18 note. Baidu Morgan Stanley described Baidu as the "best AI play" in China. Morgan Stanley pointed to its steady operating margin expansion and record-high subscription revenue growth in the second to third quarter of 2023. Morgan Stanley's price target is $150, or 67.7% potential upside.

Persons: Morgan Stanley, JPMorgan, Pinduoduo, Morgan, Baidu Morgan Stanley, Baidu, NetEase, — CNBC's Michael Bloom Organizations: JPMorgan, Alpha, Baidu Locations: China, United States

☆ BYD and more: AllianceBernstein names top Asian stock picks for the next 6 months, gives one over 60% upside
▼ + stars: | 2024-01-19 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

"We also believe the demand for memories will remain strong thanks to the growing demand for generative AI and more broadly for compute," the bank's analysts wrote. AllianceBernstein expects the share price of Samsung to hit 92,000 Korean Won ($68.44) in the next 12 months, giving it potential upside of 29.4%. "BYD's unparalleled cost structure and vertical integration of powertrain will enable it to achieve a dominant market share in this segment," the bank's analysts wrote. AllianceBernstein's target price of 334 Hong Kong dollars ($42.71) gives it around 61.5% upside. AllianceBernstein gave the giant a price target of $170, giving it around 33% upside.

Persons: Bernstein, Ann Larson, AllianceBernstein, Tesla, Holdings AllianceBernstein, PDD, — CNBC's Michael Bloom Organizations: Street, Samsung Electronics, SK Hynix The South, Samsung, Won, SK Hynix, Hong, Holdings, PDD Holdings Locations: Asia, China, Hong Kong

Gould is more bullish than many on Wall Street, as the average price target of analysts polled by LSEG is $484.42. Analyst Harold Antor downgraded the stock to hold from buy and slashed his price target by $4 to $8. Analyst Jeffrey Stantial upgrade the sports betting stock to buy from hold and raised his price target by $5 to $45. Stantial's new price target implies shares can jump 19.9% over the next year from Thursday's close. UBS raised its rating on Texas Instruments to buy and increased its price target to $195 from $170.

Persons: Chipmakers, Wells, Bernstein, PDD, Robin Zhu, Zhu, Temu, there's, Shein, — Alex Harring, Alan Gould, Gould, Jefferies, Hertz, Harold Antor, Antor, There's, Saul Martinez, Martinez, Alex Harring, Stifel, Jeffrey Stantial, Stantial, Wells Fargo, Aaron Rakers, Mark Zuckerberg, Zuckerberg, TXN, Timothy Arcuri, FCF –, Fred Imbert Organizations: CNBC, UBS, Texas, Nvidia, Meta, PDD Holdings, Netflix, HBO, LSEG, Hertz, EV, Jefferies, HSBC, Discover, Facebook, Big Tech, Texas Instruments Locations: China, Thursday's

☆ Wall Street’s new e-commerce darling just overtook Alibaba in market cap — one analyst says it's a 'standout growth stock'
▼ + stars: | 2023-12-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

PDD's current market capitalization is nearly $190 billion, compared to Alibaba's market capitalization of $185.8 billion, LSEG data showed. PDD posted 94% growth in third-quarter revenue from a year earlier, far outpacing Alibaba's 9% growth during the same period. Analysts say that consumers increasingly looking for bargains in the face of economic uncertainties have helped boost PDD's growth domestically and internationally. "PDD's strong 3Q23 results imply both sustainable market share expansion of its domestic e-commerce business and strong growth momentum of ... Temu," they told clients. PDD "remains a standout growth stock" amid a broader base economic slowdown in China, wrote The Benchmark Company in a Nov. 29 report.

Persons: Morgan Stanley, PDD, Morgan Stanley Morgan Stanley, Eddy Wang, Kathy Zhu, Gary Yu, Temu's, Temu, Andre Chang, Alex Yao, Nancy Liu, Morningstar Morningstar, Chelsey Tam, Fawne Jiang, Long Lin Organizations: PDD Holdings, Investment, JPMorgan, Morningstar, Alibaba, PDD's Nasdaq, JPMorgan JPMorgan, China Internet, Morningstar Asia, Company Locations: China, 4Q23, U.S, Europe, Australia, New Zealand, Morningstar Morningstar Asia, Temu

☆ Goldman Sachs loves this sub-sector in China — and names 3 stocks to buy
▼ + stars: | 2023-12-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

China e-commerce is one of Goldman's top preferred sub-sectors — and there will be six key themes coming up in 2024, the bank said. The themes are: Consumers' focus on value for money — for which e-commerce platforms are well positioned. Goldman said that despite slowing consumption growth in China, e-commerce and e-commerce advertising is still one of its top preferred sectors — thanks in part to global expansion and attractive valuations. Goldman also expects its global e-commerce arm Temu to continue its growth momentum as a result of its global expansion. Goldman expects its third favored name — Kuaishou — to continue outpacing the industry.

Persons: —, Goldman, Pinduoduo, Temu, Kuaishou, — CNBC's Michael Bloom, Evelyn Cheng Locations: China, U.S, Pinduoduo, China's

Bernstein named Taiwan Semiconductor a "best idea" for 2024, raising its price target on the stock. — Alex Harring 7:01 a.m. In addition to the best-pick honor, analyst Steve Scala has an outperform rating and $86 price target. Analyst Michael Lavery downgraded the stock to neutral from overweight and slashed his price target by $40 to $200. ET: Morgan Stanley hikes PDD price target, calls stock a top pick following earnings Morgan Stanley named Chinese e-commerce name PDD Holdings a top pick following its latest quarterly earnings report.

Persons: Bernstein, Morgan Stanley, LSEG, Bank of America's Tal Liani, Morgan Stanley's Hamza Fodderwala, Alex Harring, Craig Siegenthaler, Blackstone, That's, — Alex Harring, Ken Hoexter, Hoexter, TD Cowen, Steve Scala, Scala, Jefferies, John Colantuoni, bode, Colantuoni, Neil Beveridge, Josh Silverstein, Silverstein, JMP, Baldwin, Mitch Germain, Germain doesn't, Germain, Piper Sandler, Michael Lavery, Lavery, elasticities, HSY's, Hershey, Eddy Wang, Wang, Mark Li, Li, — Fred Imbert Organizations: CNBC, Taiwan Semiconductor, Holdings, Wall, Bank of America, Bank of America's, KKR, Apollo Global Management, Pacific, Transport, AstraZeneca, pharma, Airbnb, Toyota, UBS, Exxon Mobil, Natural Resources, Exxon Mobil's, Hershey, PDD, U.S, LSEG, Commerce, PDD's U.S, Apple, Huawei Locations: Tuesday's, Ivory Coast, Ghana, 4Q23, Taiwan, China

☆ Here are Wednesday's biggest analyst calls: Apple, Amazon, Tesla, Schwab, Pinterest, Exxon, Disney and more
▼ + stars: | 2023-11-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Wednesday's biggest calls on Wall Street: Piper Sandler downgrades Hershey to neutral from overweight Piper Sandler said it's concerned about rising cocoa costs for Hershey. UBS reiterates Apple as neutral UBS said its survey checks show wait times for Apple's iPhone are almost nonexistent. Piper Sandler reiterates Charles Schwab as buy Piper Sandler said the company is a "likely beneficiary of fed rate cuts." Piper Sandler reiterates Pinterest as overweight Piper Sandler raised its price target on Pinterest to $40 per share from $37 and says trends are improving. UBS reiterates Exxon as buy UBS said it's bullish heading into Exxon's corporate plan event on Dec. 6.

Persons: Piper Sandler downgrades Hershey, Piper Sandler, it's, Guggenheim, Tesla, Truist, Canaccord, Raymond James, TD Cowen, AZN, Goldman Sachs, Leslie's, Carlyle, Wells, Wells Fargo, Apple, Jefferies, Airbnb, ABNB, Cantor Fitzgerald, Microvast, Charles Schwab, SCHW, Morgan Stanley, Bernstein, PDD, Marti, Pinterest, D.A, Davidson, Estée Lauder Organizations: Hershey, UBS, Apple, " Bank of America, underperform Bank of America, AstraZeneca, downgrades, Group, Goldman, GS, Bank of America, Union, JPMorgan, Disney, Taiwan Semiconductor, Intel, Commerce, Marti Technologies, DFS, Exxon Locations: China, Europe, Japan, America, CY24, Turkey, XOM's

Consumers in China are hunting for bargains when they spend, the latest earnings from online retailers show. Chinese e-commerce giant Pinduoduo posted 94% growth in third-quarter revenue, far outpacing Alibaba 's 9% growth during the same period. Pinduoduo , known for its bargain-priced products, said Tuesday that third quarter revenue was the equivalent of $9.44 billion – beating revenue forecasts, according to LSEG. Pinduoduo said revenue from transactions skyrocketed by 315% in the third quarter to nearly $4 billion. JD missed third-quarter revenue estimates, according to LSEG data, despite net revenue rising 1.7% in the quarter from a year ago to the equivalent of $34 billion.

Persons: Pinduoduo, Temu, Alibaba, JD Organizations: JPMorgan Locations: China, FactSet, U.S, Australia, New Zealand, France, Italy, Germany, Netherlands, Spain

Analysts expect Temu, launched in September last year, to generate more than $16 billion in revenue this year. Chinese retail sales in September rose 5.5%, following 4.6% growth in August. PDD's revenue was 68.84 billion yuan ($9.62 billion) in the quarter ended Sept. 30, compared with analysts' average estimate of 54.59 billion yuan, according to LSEG data. The company's net income attributable to ordinary shareholders rose to 15.54 billion yuan in the third quarter, from 10.59 billion yuan a year earlier. ($1 = 7.1532 Chinese yuan renminbi)Reporting by Chavi Mehta in Bengaluru and Casey Hall in Shanghai; Editing by Shilpi Majumdar and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Temu, Xiaoyan Wang, Chavi Mehta, Shilpi Majumdar, Mark Potter Organizations: PDD Holdings, Pinduoduo, East, Alibaba, HK, Casey Hall, Thomson Locations: China, United States, Europe, East Asia, Australia, Bengaluru, Shanghai

☆ Sea posts surprise loss on hefty e-commerce investments, shares fall
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Singapore-based Sea (SE.N) reported a surprise third-quarter loss as the Southeast Asian tech giant prioritized growth over profits by pouring money into its e-commerce business, sending its shares more than 17% lower on Tuesday. The company also expects to boost investments, it said, ahead of the key holiday shopping season in the fourth quarter. Sea has spent heavily in what is called "e-commerce live streaming", where products are sold over live videos, a model popular in China. The company posted a loss of 26 cents per share for the quarter ended Sept. 30, ending its streak of three straight profitable quarters. However, a global economic slowdown hit e-commerce and digital entertainment, forcing Sea to undertake hefty cost cuts including laying off thousands of employees.

Persons: Alibaba Group's, ByteDance's, Forrest Li, Chavi Mehta, Devika Organizations: HK, Thomson Locations: Singapore, China, Bengaluru

☆ Chinese fast fashion retailer Temu overtakes Shein to dominate Japan and South Korea apps
▼ + stars: | 2023-11-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Similarly, in South Korea, Temu ranked No. Among the top shopping apps in South Korea, Temu was the fastest to reach 2 million downloads at around 88 days. Shein took 382 days while AliExpress took 366 days to hit the same milestone. Shein sued Temu in December over intellectual-property infringement while Temu accused Shein in July of threatening and forcing manufacturers into exclusivity agreements. Temu made its foray into Asia through Japan and South Korea in July.

Persons: Nikos Pekiaridis, Shein, Temu, Goldman Sachs, Mercari, Alibaba, AliExpress, Bernstein Organizations: Getty, Nurphoto, PDD Holdings, CNBC, iOS, Google, Nasdaq, Holdings, Citi, U.S, Committee Locations: Japan, South Korea, China, U.S, Australia, New Zealand, France, Italy, Germany, Netherlands, Spain, Boston , Massachusetts, Asia, Philippines, Malaysia

☆ Founder of discount e-shopping firm PDD races up China's rich list
▼ + stars: | 2023-10-24 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Colin Huang, who founded PDD in 2015 and stepped down as CEO in 2020, was the fastest riser in this year's Hurun Rich List, leaping seven places to be ranked China's third richest man with a $37.2 billion fortune. Richard Liu, who founded e-commerce giant JD.com, also saw his wealth, and that of his wife Zhang Zetian, fall by $6.2 billion since last year to $8.26 billion, according to Hurun's list. JD.com's shares fell to a record low earlier this month after banks cut its price targets citing a weaker-than-expected recovery in consumer spending. Hui Ka Yan is currently being investigated over suspected "illegal crimes", Evergrande said last month. Reporting by Casey Hall; editing by Brenda Goh and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Colin Huang, Yin Liqin, Rich, Jack Ma, Alibaba, Richard Liu, Zhang Zetian, Rupert Hoogewerf, PDD's Temu, Zhong Shanshan, Pony Ma, Hurun, Wang Jianlin, Hui Ka Yan, Evergrande, Casey Hall, Brenda Goh Organizations: Nasdaq, REUTERS, Rights, PDD Holdings, PDD, HK, Hurun, Dalian Wanda Group, China Evergrande, Thomson Locations: New York, Shanghai, China

☆ 'Relentless pursuit of eyeballs': Analysts name China internet stocks to buy, give 2 over 50% upside
▼ + stars: | 2023-09-21 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Several stocks are set to benefit from the "relentless pursuit of eyeballs" in the Chinese internet sector, according to analysts at asset management firm AllianceBernstein. Mini programs are apps within WeChat and have functions in areas such as e-commerce, task management, coupons, and so on. Tech giant Alibaba was given a price target of $100, representing a 14.9% upside from its Sept. 18 close. Kuaishou and Bilibili were given target prices of HK$70 and $16, representing 10.9% and 17.0% upside, respectively. Outlook The analysts said the expansion of channels for spending could lead to accelerating growth in e-commerce penetration, though the extent of upside is "debatable."

Persons: Robin Zhu, Ronald Ma, Xuan Ji, Xiaohongshu, AllianceBernstein, PDD, JD, — CNBC's Michael Bloom Organizations: Douyin, JD, Hong Kong, HK, Tech Locations: China, Pinduoduo

☆ Colin Huang, the founder of the company that owns Chinese shopping app Temu, got $4.3 billion richer after earnings smashed analysts' expectations
▼ + stars: | 2023-08-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The founder of Temu owner PDD saw his net worth jump $4.3 billion in one day, per Bloomberg's Billionaires Index. Colin Huang's fortune was boosted by a 15% surge in PDD shares after a bumper second-quarter earnings. The company reported second-quarter revenues of 52.28 billion Chinese yuan, or $7.2 billion — smashing analysts' average estimates of 43.7 billion yuan, per Refinitiv data. Huang was worth $32.8 billion as of August 30, per Bloomberg, making him the 41st richest person in the world. He launched the PDD app in May 2015 after raising $8 million from investors.

Persons: PDD, Colin Huang's, Huang, Colin Huang, Temu, PDD's Organizations: Service, Holdings, Bloomberg, Nasdaq, PDD, University of Wisconsin, Google, Shein's Locations: Wall, Silicon, PDD, Zhejiang, China, Google China

☆ Chinese online retailer Pinduoduo has a 'hyper-aggressive' culture with hours surpassing a '996' schedule, analysts write
▼ + stars: | 2023-08-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Temu's sister company Pinduoduo may have a "9127" culture, Bernstein analysts wrote. This is a play on "996" work culture, which encourages work from 9 a.m. to 9 p.m., six days a week. Temu sister company Pinduoduo is known for having an exceptionally intense workplace culture, Bernstein analysts wrote in a note published this week. "996" is a reference to a work culture that encourages tech employees to work from 9 a.m. to 9 p.m., six days a week. While Shein remains ahead of Temu in terms of buyer awareness, Temu sees high buyer retention rates, the Bernstein analysts noted.

Persons: Temu's, Bernstein, Temu, Jack Ma, Richard Liu Qiangdong, Robin Zhu, Pinduoduo, Shein Organizations: Morning, PDD Holdings, Pinduoduo, Representatives, Local Locations: China, Shanghai

It is also looking to hire a lawyer with a specialty in trade compliance to help Temu create a protocol for screening merchandise, another posting showed. The U.S. House Select Committee on the China Communist Party in May launched an investigation into retailers' connections to forced labor in China's Xinjiang region, including any efforts to comply with the Uyghur Forced Labor Prevention Act. The committee last week released preliminary findings stating that Temu "does not have any system to ensure compliance" with the act. Temu's 80,000 "suppliers agree to boilerplate terms and conditions that prohibit the use of forced labor," the report said. Rights groups accuse Beijing of abuses including forced labor and placing 1 million or more Uyghurs - a mainly Muslim ethnic group - in internment camps in Xinjiang.

Persons: Temu, Shein, Arriana McLymore, Jamie Freed Organizations: YORK, PDD Holdings, New Zealand, Reuters, U.S, China Communist Party, Uyghur, Labor, Thomson Locations: U.S, Xinjiang, China, Canada, Australia, New, China's Xinjiang, United States, Xingiang, Beijing, New York

☆ Tech giant PDD Holdings, parent of Pinduoduo and Temu, moves headquarters from China to Ireland
▼ + stars: | 2023-05-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

PDD Holdings, the parent company of Temu and Pinduoduo, has moved its headquarters from China to Dublin, Ireland. PDD Holdings , the parent firm of e-commerce sites Temu and Pinduoduo, moved its headquarters from China to Ireland, underscoring the Chinese tech giant's international push. PDD Holdings started off as Pinduoduo, the fast-growing discount e-commerce firm in China. The company rebranded this year to PDD Holdings, creating a parent company for Pinduoduo and Temu, its international e-commerce effort. Meta and Apple are among a number of U.S. tech giants with European headquarters in Ireland.

☆ PDD Holdings names Jiazhen Zhao co-CEO
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - PDD Holdings Inc (PDD.O), which owns discount e-commerce platforms Pinduoduo and Temu, on Tuesday named Jiazhen Zhao as co-chief executive officer of the company, effective immediately. Zhao, who is one of the founding members of PDD and has served as senior vice president since 2018, joins CEO Chen Lei to steer the company as it grapples with tepid consumer demand as China's post-reopening recovery remains patchy. "In the future, Jiazhen will concentrate more on supply chain management and China operations, while my focus will be more on globalization efforts," Lei said in a statement. Zhao was behind PDD's Duo Duo Grocery business and led the operations of some product categories in the Pinduoduo platform, including agriculture. Reporting by Eva Mathews in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

March 20 (Reuters) - PDD Holdings Inc (PDD.O), which owns discount e-commerce platforms Pinduoduo and Temu, on Monday missed expectations for fourth-quarter revenue as China's post-re-opening consumer recovery remains patchy. PDD reported revenue of 39.82 billion yuan ($5.79 billion) for the quarter ended Dec. 31, up 46% year-on-year, but this fell short of estimates for 41.01 billion yuan, based on Refinitiv data. The group had reported 65% revenue growth in its third- quarter earnings last November. The company's revenue growth compares with single-digit gains reported by Chinese competitors Alibaba (9988.HK) and JD.com (9618.HK) for the same period. Temu's 2023 expansion will include roll outs in Canada, Australia, New Zealand and the UK.($1 = 6.8799 Chinese yuan renminbi)Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

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