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PDD Holdings dismissed dozens of staff after employees physically clashed with Chinese regulators during an investigation into its e-commerce platform.
PDD Holdings' stock dropped 14.5% over the past month, underperforming the market even as analysts raised current-quarter earnings estimates by 6.4%.
Eight European Union member states, led by France, are calling for a regulatory crackdown on ultra-fast-fashion e-commerce platforms like Shein and Temu, citing unfair competition and systemic risks. The move signals significant potential disruption for the cross-border retail model.