PDD Holdings Inc , which owns discount e-commerce platforms Pinduoduo and Temu, missed expectations on Monday for fourth-quarter revenue as China's post-reopening consumer recovery remains patchy.
Discounting campaigns by rivals have also intensified competition for PDD, which has gained market share since it first came on the scene in 2015 by targeting price conscious consumers with discounted goods.
"We need to focus on our own healthy development and embrace industry competition even when sometimes it involves unsustainable practices from peers," he added.
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