China's PDD Holdings missed market estimates for quarterly revenue on Monday , and downbeat comments from executives about China's domestic e-commerce competition and the firm's global outlook sent its shares down more than 28 per cent.
"We will enter a new phase of high-quality development that calls for increased investments and our profitability will be affected as a result," he added. "Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges," said PDD's Vice President of Finance Jun Liu.
Co-CEO Chen said consumers are increasingly choosing to spend on experiences rather than material goods and there is a"growing emphasis on rational consumption".
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