China's richest person wants a personal apology from ByteDance's founder for not stopping social media attacks against him [Fortune]
PDD Holdings Inc. - American Depositary Shares (PDD)
Company Research
Source: Fortune
Zhong slammed Pinduoduo, a Chinese e-commerce platform owned by PDD Holdings, at an event in Ganzhou in Jiangxi province on Tuesday, according to media reports. “Pinduoduo's pricing system is a huge harm to Chinese brands and Chinese industries,” Zhong said at the event, according to local media. Pinduoduo's aggressive pricing strategy helped it take market share from larger platforms like Alibaba and JD.com, but it has also helped spark a broader price war that's eating into margins. At another event the next day, Zhong targeted another one of China's tech companies: ByteDance. Zhong said he'd hoped to get an apology from Zhang Yiming, Bytedance's founder, for not stopping a social media campaign targeting Nongfu Spring. “I hope Mr. Zhang Yiming, Douyin, Toutiao, and all the media that have hurt me personally with rumours will apologise,” Zhong said, according to local media. Douyin is the Chinese version of TikTok; Toutiao is a social news and information platform. Both are
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PDD
News
- PDD Holdings Inc. (NASDAQ: PDD) had its price target lowered by analysts at Benchmark Co. from $185.00 to $160.00. They now have a "buy" rating on the stock.MarketBeat
- PDD Holdings Inc. (NASDAQ: PDD) was downgraded by analysts at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating.MarketBeat
- China's richest person wants a personal apology from ByteDance's founder for not stopping social media attacks against him [Yahoo! Finance]Yahoo! Finance
- China's richest man blasts tech giants and government inaction in rare rebuke [Yahoo! Finance]Yahoo! Finance
- China's richest man blasts tech giants and government inaction in rare rebuke [CNN]CNN
PDD
Earnings
- 11/21/24 - Beat
PDD
Sec Filings
- 11/21/24 - Form 6-K
- 10/22/24 - Form SC
- 10/21/24 - Form SC
- PDD's page on the SEC website