Shares of Temu parent company PDD plunges almost 29%; 'too large a correction', says analyst

Rein was of the view that "panic was overblown last night," and that this would be a good opportunity for investors to buy into the stock.

PDD reported operating profit of 32.56 billion yuan, surging 156% from a year ago, while attributable income jumped 144% year on year to 32.01 billion yuan. Lei Chen, chairman and co-CEO of PDD, wrote in the earnings release that "While encouraged by the solid progress we made in the past few quarters, we see many challenges ahead."

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