PDD Holdings sinks even as popular Temu shopping app expands abroad
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PDD Holdings (NASDAQ:PDD) shares fell more than 5% on Thursday even as the company's popular shopping app, Temu, confirmed its expansion plans. 
Temu is now available in Japan, its first Asian country, according to a review by Seeking Alpha. The popular app, often among the top three apps on the App Store, is now available in 22 countries, including the U.S., where it launched this past September.
Temu, which bills itself as a place where its users can "shop like a billionaire," sells low cost goods, including jewelry, home goods, pet care and more. Discounts on the platform can in some cases, reach 90%.
Several other U.S.-listed Chinese tech stocks were lower on Thursday amid a broader market swoon, including Alibaba (BABA), Baidu (BIDU) and Tencent (OTCPK:TCEHY).
Reuters was first to report that Temu had expanded into Japan.
Last month, it was reported that PDD-owned Temu was looking into hiring a compliance officer based in the U.S., following scrutiny by lawmakers over alleged lax practices, among other things.
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