PDD Holdings Inc – ADR (NASDAQ:PDD) shares are trading lower by 2.87% to $69.62 during Wednesday’s session. Shares of large-cap Chinese stocks are trading lower following a drop in China industrial profit in May.
Per a report by Reuters, China’s industrial firms witnessed a continued decline in annual profits, with a 18.8% slump in the first five months. This adds to the previous contraction of 20.6% during January to April.
May’s data meanwhile showed a 12.6% decline in industrial earnings compared to the previous year.
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According to Reuters, foreign firms saw a 13.6% decline in earnings from January to May, while private-sector companies experienced a 21.3% slide. The petroleum, coal and fuel processing industry reported the largest slump at 92.8%.
According to data from Benzinga Pro, PDD has a 52-week high of $106.38 and a 52-week low of $38.80.
