E-commerce company Pinduoduo (PDD US) announced Q1 2021 financial results before the US market open. Topline growth was amazing, growing more than 3X from a year ago.
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Internet stocks were also lower in Hong Kong following Friday’s downdraft in US-listed shares as investors reacted to new regulations affecting after-school tutoring companies such as TAL Education.
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Online retail sales grew 27.6% year to date (YTD), while jewelry sales rose 48.3%, as highlighted by our friends at Jing Daily who track Chinese luxury goods consumption, restaurant spending grew 46.4%, and construction materials grew 30.8%, while office supplies increased only 6.7%.