PDD Holdings stock was rising on Wednesday after the Temu parent’s fourth-quarter earnings fell short of expectations.

The Chinese e-commerce giant reported adjusted earnings of $2.53 a share on revenue of $17.7 billion—up 12% from the same period last year. Analysts polled by FactSet had expected earnings per share of $3.03 on revenue of $18 billion.

Adjusted net income came in at $3.76 billion, a drop of 12% from the same quarter in 2024. Analysts were expecting $4.32 billion.

PDD ADRs rose 8.23% to $106.16.

Remarks from senior management about future investments may have provided a boost. “2026 marks the beginning of our journey into the next decade,” said Jiazhen Zhao, co-chairman and co-chief executive officer of PDD Holdings, in the earnings report.

“Going into this new chapter, supply chain investment is where we will place our greatest conviction. We are committed to dedicating significant resources, with an all-in mindset, to drive lasting benefits to the entire ecosystem,” he added.

Earlier this year, trade tensions between the U.S. and China were diffused somewhat after the U.S. Supreme Court ruled against many of President Donald Trump’s 2025 trade tariffs.

Looking ahead, the creation of a “US-China Board of Trade” is currently being discussed between the world’s two biggest economies. Trump is expected to travel to Beijing some time in the spring.

PDD, like other Chinese tech names, has had a challenging few months—the stock is down around 25% over the past six months. Alibaba is down 29% over the same period, while JD.com is down 21%.