Latest news with #ChenLei
Korea Herald
07-07-2025
- Korea Herald
Xinhua Silk Road: Latin American journalist lauds hot springs, moon culture in E. China's Jiangxi mountain
BEIJING, July 7, 2025 /PRNewswire/ -- Evelyn Caridad Leyva Romero, a journalist from the Latin America News Agency, recently visited Mingyue Mountain in Yichun City, east China's Jiangxi Province. She was deeply impressed by its unique hot springs and profound moon culture, and witnessed how the integration of culture and tourism is driving rural revitalization. The hot springs of Mingyue Mountain are rich in selenium, with water temperature consistently maintained at 68 to 72 degrees centigrade year-round. The daily water output reaches 10,000 tonnes. Leyva Romero learned that residents from over 30 provinces and cities across China have purchased properties here, totaling more than 10,000 households. Among them, residents from Shanghai alone account for over 6,000 households. Leveraging the hot spring resources, the local area has developed traditional Chinese medicine therapies, selenium-rich agricultural products, and homestay industries, significantly increasing villagers' incomes. "The selenium content and constant temperature of the hot springs are astonishing, no wonder they attract so many tourists," Leyva Romero remarked. She learned about a retired Shanghai teacher whose mild arthritis pain significantly improved after soaking in the springs for half a year. Located just 15 kilometers from downtown Yichun, Mingyue Mountain centers its tourism experience around "Moon Culture." Leyva Romero took a ride on the "Chang'e" alpine sightseeing train and strolled along the Qingyun Plank Road, enjoying the scenery of sea of clouds, forests, and villages along the way. The scenic area features over 300 stone carvings of moon-themed poems from various dynasties. Local customs, cuisine, and accommodation names all incorporate moon elements. Chen Lei, deputy general manager of the scenic area, explained that unique projects like the alpine train, skiing, and camping attract tourists from all over the country. Leyva Romero also visited the 3,150-acre Twenty-Four Bridges Moon Garden, a forest health and wellness base which themes around moon culture and bridge culture, and integrates agricultural sightseeing, forest wellness, and folk experience. Leyva Romero stated that Mingyue Mountain's natural landscape, hot spring culture, and the humanistic care and community connection it embodies showcase the wisdom of harmonious coexistence between humans and nature. Chen Lei expressed that future efforts will be made on strengthening international promotion, aiming to make Mingyue Mountain a renowned wellness tourism destination globally.
South China Morning Post
28-05-2025
- Business
- South China Morning Post
Temu, Pinduoduo owner PDD faces profit challenge amid Trump tariffs, domestic competition
PDD on Tuesday reported a 47 per cent slump in first-quarter earnings amid slower sales growth, with results trailing market consensus. PDD's Nasdaq-listed shares tumbled as much as 18 per cent in New York overnight, as the company's poor report card suggested that continued discounts to attract consumers would hurt near-term earnings outlook. In the company's post-earnings call, PDD co-founder, chairman and co-chief executive Chen Lei said 'a slowdown in growth rate is inevitable' amid new challenges, which prompted the firm to boost support for merchants. Apart from intensified domestic competition, Chen pointed out that 'radical change in the external policy environment, such as tariffs, has created significant pressure for our merchants'. Those factors were expected to continue affecting PDD's profitability, according to UBS analysts in a research note published on Wednesday. 'Management's tone is cautious, highlighting macroeconomic uncertainties and significant investments in the ecosystem,' the analysts said. PDD in April pledged to invest 100 billion yuan (US$13.9 billion) in several initiatives to support merchants on its platform as well as consumers.
BBC News
28-05-2025
- Business
- BBC News
Temu's Chinese owner sees profits plunge as tariff war bites
PDD Holdings, the Chinese owner of online shopping platform Temu, has reported a near 50% drop in profit as US President Donald Trump's trade policies added to its struggles in its home shares of the e-commerce giant fell by more than 13% on Tuesday, after the firm said its profits for the first three months of the year fell to 14.74bn yuan ($2.05bn , £1.5bn).Earlier this month, the Trump administration ended the so-called "de minimis" exemption that allowed parcels worth less than $800 ($593) enter the US without being hit with import China, PDD has been locked in a long-running price war with rivals like Alibaba and in the face of weak consumer spending. PDD Holdings reported a 47% drop in profit for the first quarter of the year. Its chairman, Chen Lei, said this was due to a "radical change in external policy environments such as tariffs".Mr Chen said the US-China trade war had also "created significant pressure for our merchants". Temu and rival Shein had previously relied on a duty-free treatment which allowed them to sell and ship low-value items directly to the US without having to pay import ended in early May, leaving Chinese e-commerce giants facing hefty US tariffs of 120%. In response, Temu said it would stop selling goods from China directly to US following a thaw in trade tensions between Washington and Beijing, the tariff rate on the small packages was slashed by over half for 90 and its rivals are also facing issues in Europe and the EU proposed a two-euro flat fee on billions of small parcels sent directly to people's homes. Online marketplaces would be expected to pay the new fee. Last month, UK Chancellor Rachel Reeves announced that the government planned to review the customs treatment of low-value products entering the country following complaints from retailers.
New York Post
27-05-2025
- Business
- New York Post
Temu owner's shares drop as profits are cut in half by Trump tariffs — CEO blames ‘radical change'
Shares in Temu's Chinese owner PDD Holdings plunged 13.9% on Tuesday after the e-commerce giant reported its slowest revenue growth in three years and a sharp drop in profit. The dismal quarterly results come as Temu's business model has been hammered by President Trump's tariffs, including his end to the de minimis exemption, which allowed overseas fast-fashion firms to ship low-value packages into the US duty-free. During a post-earnings call with analysts, Temu owner PDD Holdings' Chair and CEO Chen Lei blamed a 'radical change in external policy environments such as tariffs.' The company made 'substantial investments' to support merchants and consumers during this time, which 'weighed on short-term profitability but gave merchants the room to adapt and focus on high-quality, sustainable growth, strengthening the long-term health of the platform,' Chen said. Temu reported slow revenue growth and plunging profit after President Trump ended a tax loophole used by Chinese fast-fashion firms. REUTERS PDD Holdings reported revenue rose 10% in the first quarter to 95.67 billion yuan, or roughly $13.31 billion. That marked its slowest growth since the start of 2022. Net profit nearly halved during the same period, plummeting 47% to approximately $2 billion. Analysts polled by FactSet had expected revenue of $14.49 billion and profit of $3.63 billion. After Trump killed the trade loophole in April, Temu hiked prices across its website and pushed 'local warehouses,' or US-based sellers with stockpiles of imported goods. Since raising prices, there has been a notable decline in Temu's US sales, Citi analysts said in a note earlier this month. Imports worth less than $800 faced a 120% tariff when Trump lifted the de minimis exemption. The White House has since lowered this rate to 54%. An employee packages garments for Temu at a clothing factory in Guangzhou. AFP via Getty Images The majority of these packages can skip this fee, however, and pay the US' lower 30% tariff on China because they are shipped through commercial carriers, according to a Reuters report. It's still a massive hit to Temu, which relied heavily on its ultra-low prices and speedy shipping to win over US customers. Citi has slashed its annual revenue forecasts for the retailer by 0.6% in 2025 and 2.3% in 2026. Meanwhile, PDD is facing challenges with its Pinduoduo platform in China amid a slowdown in consumer spending and a real estate market slump, as well as strong competition from peers Alibaba Group and 'Our financial results may continue to reflect the impact of sustained investments in the ecosystem as we support merchants and consumers through uncertain times,' Liu Jun, PDD's vice president of finance, said.
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Temu operator PDD tumbles as trade war hits sales, profit
SHARES of Temu owner PDD Holdings Inc. plunged in premarket trading after its quarterly sales and profit missed estimates, underscoring how trade tensions between Beijing and Washington are taking a toll on its business. Revenue for the March quarter was 95.7 billion yuan ($13.3 billion), falling short of the average analyst estimate of 101.6 billion yuan. Net income totaled 14.7 billion yuan, while analysts had expected 25.7 billion yuan. PDD's US depositary receipts tumbled 19% in premarket trading in New York on Tuesday. PDD offered faint hope for improvement in the near term. It's facing intensifying competition in the domestic China market and shifting trade policies that have hurt Temu, the discount e-commerce platform that had propelled revenue growth abroad in quarters past. PDD Chairman Chen Lei warned the company will have to make pricey investments to adjust its business model. 'This effort will likely weigh on our profitability in the short term and even for considerable period of time to come,' he said in a conference call after results. Chen said the company has to invest and charge lower fees for its merchants to help the e-commerce ecosystem. It's also trying to fill more Temu orders by sourcing merchandise locally to insulate operations against trade policies. The US eliminated what's known as the de minimis exemption that allowed PDD merchants to ship orders of less than $800 into the US duty free. That loophole had helped Temu ship T-shirts, dresses and other clothes to American consumers at bargain-basement costs. 'Amid the rapidly changing external environment, our global business is working with merchants across regions to bring stable prices and abundant supply to consumers around the world,' Chen said. 'No matter how policies shift, we'll continue to strengthen our operations in the markets we serve, helping more local merchants grow on our platform and enabling more orders to be fulfilled from local warehouses.' PDD's sales growth rate slowed to 10% in the current quarter, down from 24% the quarter before and 131% the quarter before. Temu has worked to expand in other markets to reduce dependence on the US, but it's also facing potential regulatory challenges elsewhere. Japan, a major Asian market, is mulling a review of the tax exemptions for small parcels on concerns of fair competition. Meanwhile, the EU is also considering charging a flat fee for those packages, mainly from China. PDD's results come after its peer Inc. saw the fastest revenue growth in three years thanks to government stimulus measures to boost purchases. Alibaba Group Holding Ltd. also reported better-than-expected growth in domestic retail, although overall results disappointed. Beijing has intensified its national trade-in and purchase subsidies that were first launched last year to encourage domestic consumption of products from smartphones to cars. The policy has proved popular among consumers, and the recent progress in talks between Beijing and Washington should also have eased some pressure on China's economy. –BLOOMBERG
