China's PDD suffers $40 billion market cap wipeout after flagging an uncertain market
-China's PDD Holdings missed market estimates for quarterly revenue on Monday, and downbeat comments from executives about China's domestic e-commerce competition and the firm's global outlook sent its shares down more than 28%.
"We will enter a new phase of high-quality development that calls for increased investments and our profitability will be affected as a result," he added. UBS analyst Kenneth Fong said that while Pinduoduo was performing well, with good growth and profitability in spite of the highly competitive domestic e-commerce environment, management's tone was confusing for investors.
Chinese e-commerce giant Alibaba missed market estimates for revenue earlier this month, pinched by weaker domestic e-commerce sales, while JD.com's quarterly revenue grew only 1.2%.PDD reported revenue of 97.06 billion yuan in the second quarter, compared with analysts' average estimate of 100 billion yuan, according to LSEG data.
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PDD Holdings’ Colin Huang Briefly Becomes China’s Richest PersonI cover Chinese billionaires, and help to compile the China Rich List as well as Under30 list in Asia. I contribute to Forbes, and previously I freelanced for SCMP and Nikkei. Prior to Beijing, I spent six months as an intern at TIME magazine's Hong Kong office. I am a graduate of the Medill School of Journalism, Northwestern University.
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