On May 28, PDD Holdings fell 3.01% in regular trading, trading at $83.13/share with trading volume of $169 million, extending the prior session's 13% post-earnings plunge to a near three-year low.

The continued decline reflects ongoing market digestion of PDD's Q1 earnings miss and a fresh analyst downgrade. The company reported Q1 revenue of 106.23 billion yuan, up 11% year-over-year but below the consensus estimate of 108.6 billion yuan. Non-GAAP net profit fell 17% to 14.1 billion yuan, significantly missing the market expectation of 24.6 billion yuan. Management attributed the profit decline to its \"100 Billion Subsidy\" program and heavy supply chain investments, stating short-term volatility is inevitable as the company pursues its three-year strategic plan to rebuild PDD through its new Pinmu initiative.

Adding to the selling pressure, Nomura Securities downgraded PDD from Buy to Neutral and slashed its target price from $136 to $97, citing near-term earnings uncertainty amid elevated strategic spending.

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