By Ye Xie and George Lei, Bloomberg Markets live reporters and strategists
Even one of China’s best consumer stocks can only defy gravity for so long. PDD Holdings Inc., the e-commerce giant that owns the popular Temu app, plunged 29% on Monday in a record one-day decline after 2Q revenue and outlook both disappointed.
The predicament underscores the difficulty of getting Chinese consumers — buried under mounting debt and burdened by job insecurity — to spend more, even with cutthroat price wars.
