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

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The slump comes after the company failed to meet expectations in its second quarter results.

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.

The nearly 30% drop in shares of Chinese online retailer PDD Holdings is"too much of a correction," according to Shaun Rein, founder and managing director of the China Market Research Group.," Rein said the"panic was overblown last night," and that this would be a good opportunity for investors to buy into the stock.PDD Holdings reported second-quarter revenue of 97.06 billion yuan, or $13.6 billion, rising 86% from the same period the year before.

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." His views were also echoed by PDD's Vice President of of Finance Jun Liu, who wrote,"Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges." He added,"profitability will also likely to be impacted as we continue to invest resolutely."

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