PDD's Overseas Business May Face Some Upside -- Market Talk

Dow Jones

Nov 19, 2025

0824 GMT - Temu owner PDD Holding may see some upside from its overseas business, supported by sales in U.S. and Europe, HSBC analysts say in a research note. Revenue for 3Q met expectations, with the domestic segment weaker on stiffer competition but the overseas recovery beat on improved Temu performance, the analysts say. HSBC raises its projection for expected contributions from transaction services, mainly due to a U.S. recovery for Temu. Europe also performed well, surpassing the U.S. in terms of gross merchandise value, it notes. HSBC maintains a buy rating and raises its target price on PDD's ADRs to $159.00 from $155.00. The ADRs last closed at $119.58. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

November 19, 2025 03:24 ET (08:24 GMT)

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Revenue for 3Q met expectations, with the domestic segment weaker on stiffer competition but the overseas recovery beat on improved Temu performance, the analysts say. HSBC raises its projection for expected contributions from transaction services, mainly due to a U.S. recovery for Temu. Europe also performed well, surpassing the U.S. in terms of gross merchandise value, it notes. HSBC maintains a buy rating and raises its target price on PDD's ADRs to $159.00 from $155.00. The ADRs last closed at $119.58. (tracy.qu@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 19, 2025 03:24 ET (08:24 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PDD's Overseas Business May Face Some Upside -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPDD's Overseas Business May Face Some Upside -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-11-19 16:24</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0824 GMT - Temu owner PDD Holding may see some upside from its overseas business, supported by sales in U.S. and Europe, <a href=\"https://laohu8.com/S/HSBC\">HSBC</a> analysts say in a research note. Revenue for 3Q met expectations, with the domestic segment weaker on stiffer competition but the overseas recovery beat on improved Temu performance, the analysts say. HSBC raises its projection for expected contributions from transaction services, mainly due to a U.S. recovery for Temu. Europe also performed well, surpassing the U.S. in terms of gross merchandise value, it notes. HSBC maintains a buy rating and raises its target price on PDD's ADRs to $159.00 from $155.00. The ADRs last closed at $119.58. (tracy.qu@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 19, 2025 03:24 ET (08:24 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0047713382.USD","symbol_name":"BGF EMERGING MARKETS \"A2\" ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2584952916","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2584952916","pubTimestamp":1763540640,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0824 GMT - Temu owner PDD Holding may see some upside from its overseas business, supported by sales in U.S. and Europe, HSBC analysts say in a research note. Revenue for 3Q met expectations, with the domestic segment weaker on stiffer competition but the overseas recovery beat on improved Temu performance, the analysts say. HSBC raises its projection for expected contributions from transaction services, mainly due to a U.S. recovery for Temu. Europe also performed well, surpassing the U.S. in terms of gross merchandise value, it notes. HSBC maintains a buy rating and raises its target price on PDD's ADRs to $159.00 from $155.00. The ADRs last closed at $119.58. 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Revenue for 3Q met expectations, with the domestic segment weaker on stiffer competition but the overseas recovery beat on improved Temu performance, the analysts say. HSBC raises its projection for expected contributions from transaction services, mainly due to a U.S. recovery for Temu. Europe also performed well, surpassing the U.S. in terms of gross merchandise value, it notes. HSBC maintains a buy rating and raises its target price on PDD's ADRs to $159.00 from $155.00. The ADRs last closed at $119.58. (tracy.qu@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 19, 2025 03:24 ET (08:24 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}