0911 GMT - Temu owner PDD Holdings may face some downside risks from competition and regulation, Nomura's Jialong Shi and Rachel Guo write in a research note. Since the U.S. ended the de minimis exemption earlier this year, PDD has likely stepped up subsidies for fulfillment costs to help smooth the transition for affected sellers, the analysts say. They note that the e-commerce company's profit may continue to fluctuate on a quarterly basis, citing management's remarks. Nomura maintains a neutral rating on the stock with a target price of $136.00. PDD's ADRs last closed 7.3% lower at $119.58. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

November 19, 2025 04:12 ET (09:12 GMT)

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