PDD (Temu) down 29% as China’s weak economy continues and bringing other Chinese stocks down as well

BABA down 5% today

PDD Holdings is getting crushed after the owner of the Pinduoduo and Temu online shopping platforms reported worse-than-expected quarterly revenues. We know Chinese consumers have been weak, and the company on Monday cited intensified competition as a headwind to sales growth going forward. Has Temu, which was all the rage earlier this year, peaked?