PDD Holdings more than doubled revenue after deepening inroads into countries including South Africa.
than doubled revenue after deepening inroads into countries including South Africa to escape a volatile Chinese market.
PDD’s earnings may help buoy Hong Kong’s market rally as one of the key barometers of consumption in the post-Covid Chinese economy, which has been dogged by a property meltdown and persistent youth unemployment. But it’s contending with heightened expectations, after outpacing far larger rivals Alibaba Group and Tencent Holdings in topline growth over the past two years. On Wednesday, executives noted an improving domestic environment.“This year is a year for consumption promotion.
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