Fast-fashion retailer Shein has privately submitted a draft prospectus to Hong Kong Exchanges and Clearing, the Financial Times reported, confirming earlier Reuters disclosures that the China-founded company sought a rare waiver to keep the document confidential during regulatory review. The filing, made last week, could pave the way for one of the territory’s largest listings this year once it clears scrutiny from both HKEX and the China Securities Regulatory Commission.

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The United States on 2 May scrapped the long-standing “de minimis” tax exemption that had allowed packages worth under $800 from China and Hong Kong to enter duty-free. Parcels are now subject to import duties that briefly reached 145% and currently stand at about 30% following a mid-May trade detente, part of President Donald Trump’s wider tariff agenda.

The change is denting growth at Chinese fast-fashion apps that relied on the loophole. Market-intelligence firm Sensor Tower estimates Temu’s U.S. monthly active users dropped 51% to 40.2 million between March and June, while Shein’s fell 12% to 41.4 million. Both retailers are accelerating efforts to source goods locally or shift marketing to Europe, where Temu’s user base grew more than 70% in key markets last month.

Read more

France’s consumer-protection watchdog, the DGCCRF, has fined China-founded fast-fashion group Shein €40 million after finding the retailer used deceptive pricing tactics on its French website. The sanction, announced on 3 July, is a record penalty for such infractions in the country.

A probe covering thousands of items listed between October 2022 and August 2023 concluded that 57% of advertised promotions did not actually lower prices, 19% overstated the discount, and 11% masked outright price increases. Regulators said the practices misled shoppers by inflating reference prices or ignoring previous offers, contravening rules that require discounts to be based on the lowest price in the preceding 30 days.

Read more

Alexandre Bompard, CEO of Carrefour and president of the Federation of Commerce and Distribution, criticized the current two-euro tax on small Chinese parcels, calling it insufficient and advocating for a "Trump-style" tax of 100% of the parcel's value on shipments from companies like Shein and Temu. He emphasized that these platforms do not respect social, fiscal, or basic safety regulations, describing the competition they create as "totally crazy" and illegal. Bompard also highlighted that inflation is stabilizing for 95% of prices and expressed concern over proposals to increase social VAT, which he considers a bad idea. He called on public authorities to stop increasing taxes and public spending, warning that the fragile recovery in consumer spending could be undermined by negative government discourse. Separately, Michel-Édouard Leclerc, president of the strategic committee of E.Leclerc, expressed concern about competition but noted that vacation costs this year will not be higher than last year. He also welcomed the alliance between Carrefour and Coopérative U, hoping it will benefit French consumers.

Carrefour Chief Executive Officer Alexandre Bompard dismissed the European Commission’s plan to introduce a €2 handling charge on low-value parcels entering the bloc as “a joke,” arguing it would do little to stem the surge of inexpensive goods shipped from China by platforms such as Shein and Temu.

Speaking on French radio on Wednesday, Bompard called for a much tougher response: a 100% tax on the value of each parcel, likening the measure to tariffs imposed by former U.S. President Donald Trump. He warned that the current proposal, scheduled to take effect in 2028 alongside the removal of duty-free treatment for consignments priced under €150, risked arriving too late to protect European toy, textile and specialty retailers.

Read more

Chinese e-commerce platform Temu, owned by PDD Holdings Inc., has restarted purchasing digital advertising in the United States from Google and Meta Platforms, according to The Information.

The company had slashed almost all of its U.S. ad spending earlier this year but typically allocates more than $3 billion annually to marketing in the market, making it one of the largest buyers of online ads on the two platforms.

US shoppers have significantly reduced their usage of popular Chinese e-commerce platforms Shein and Temu following the closure of a tax loophole by the Trump administration. According to data from Sensor Tower cited by the Financial Times, Temu's monthly active users (MAU) in the US fell by 51% to 40.2 million between March and June 2025, while Shein's MAU dropped by 12% to 41.4 million over the same period. The decline in user activity is attributed to the combined impact of the US government's increased tariffs on Chinese goods and the end of the "de minimis" tax exemption, which previously allowed low-value imports to enter the US without additional duties. These developments have affected consumer behavior, leading to a notable decrease in engagement with these platforms.

The recent increase in U.S. tariffs on small parcels from China has led to a sharp decline in shipments and bilateral trade between the two countries. Customs data shows that the value of small parcels sent from China to the U.S. fell to just over $1 billion in May 2025, marking the lowest level since early 2023 and representing a 40% decrease compared to May 2024.

Additionally, container ship traffic from China to the U.S. has dropped to its second-lowest level in 15 months, with a decline of over 50% since its peak in April 2025. This downturn reflects weakening demand for Chinese goods amid the tariff increases. Meanwhile, Chinese companies have significantly increased exports to the United Kingdom, with small parcel shipments rising 66% year-over-year in May 2025 and reaching nearly $2 billion in the first five months of the year. This shift in trade patterns appears to be a response to the U.S. tariff policies implemented under the Trump administration.

U.S. customs data released 20 June show a sharp contraction in e-commerce trade after Washington scrapped duty-free treatment for most Chinese small parcels on 2 May. The value of packages sent from China to the United States fell 40% year on year in May to a little above $1 billion, the lowest level since early 2023.

The policy change ends the longstanding “de minimis” exemption that had allowed shipments valued below $800 to enter the U.S. without duties. Parcels now face tariffs of up to 54%, eroding the economics of direct-to-consumer logistics relied on by fast-fashion platforms Shein Group and rival Temu. Both companies raised prices ahead of the increase and recorded double-digit drops in U.S. sales during the first week of the new levies, according to industry data.

Read more

Chinese e-commerce platform Temu is seeing a sharp reversal in its largest overseas market, with U.S. payments to the site falling more than 25% year-over-year in the four weeks to 8 June, according to Bloomberg Second Measure credit- and debit-card data. Parent company PDD Holdings’ shares dipped after the report. Temu has also slashed U.S. advertising, cutting daily online ad placements from tens of thousands before 10 April to fewer than 100, data from AppGrowing show.

Read more

The French Senate has approved legislation targeting Chinese fast fashion companies, placing greater responsibility on these brands amid growing concerns over the environmental and economic impacts of low-cost clothing. In 2024, French consumers purchased a record number of new clothing items, with approximately 10 million articles bought daily. On average, each French person added 42 new garments to their wardrobe during the year. Despite the surge in new clothing purchases, there has been a notable increase in store closures within the fashion sector, attributed to the pressures of fast fashion. Additionally, French consumers continue to favor new clothing over second-hand options, reflecting ongoing challenges in promoting sustainable consumption practices.

The French Senate has approved legislation targeting the fast fashion industry, specifically aiming at Chinese brands such as Shein and Temu. The law introduces measures including penalties for polluting products, taxes on small parcels, and restrictions on advertising to curb the environmental impact of ultra fast-fashion. The legislation represents a first step in regulating the sector, with the French government emphasizing the need to slow down the rapid growth of ultra fast-fashion. However, some industry representatives, including Charles Brauer from the Federation of Clothing, have criticized the law as insufficient to effectively remove companies that harm the planet. The law also seeks to address unfair competition concerns raised by sustainable fashion entrepreneurs and other industry stakeholders. This move reflects broader European efforts to counter the environmental and economic challenges posed by low-cost, fast fashion imports.

The South African Revenue Service (SARS) is intensifying its efforts to collect value-added tax (VAT) from consumers who shop on international e-commerce platforms such as Shein and Temu. This move aims to increase VAT revenues by targeting goods imported through these online retailers that have previously escaped taxation. Additionally, SARS has increased audits and inquiries into sugary beverage manufacturers as part of a broader tax enforcement initiative, including a crackdown on the sugar tax. These measures reflect SARS's focus on boosting tax compliance and revenue collection in 2025.

Major fast fashion companies Shein and Temu have experienced a sharp decline in demand from American consumers following the closure of a key tariff loophole by the Trump administration. This change, which eliminated the "de minimis" exemption, has forced these companies to raise prices due to the imposition of hefty tariffs on Chinese goods. As a result, US buyers were initially restricted to purchasing only "local" products already in the country. Temu has since resumed limited sales of China-based goods and reinstated free shipping. The impact of the tariff changes is also being felt by South African retailers. Additionally, US retailers are increasingly demanding that Chinese firms cover shipping costs, as the expense of importing goods from China continues to rise amid growing trade pressures.

A coalition of 25 European consumer organizations, coordinated by the European Consumer Organisation (BEUC), has filed a formal complaint with the European Commission against Shein, the Singapore-headquartered Chinese fast-fashion retailer. The complaint alleges that Shein uses 'dark patterns'—manipulative design techniques—on its app and website to pressure consumers into making more purchases.

The alleged practices include frequent pop-up notifications, countdown timers that create artificial urgency, infinite scrolling, low-stock messages that may not be substantiated, and 'confirm-shaming' techniques that make users feel guilty for declining offers. The BEUC report highlights that Shein's app can send up to 12 notifications in a single day and references the 'Puppy Keep' game, which uses gamification to encourage regular engagement and purchases.

Read more

France's Senate began debating a bill aimed at regulating the influx of environmentally harmful, low-quality clothing imports, primarily from Chinese fast-fashion platforms such as Shein and Temu. The legislation seeks to address the rapid increase in clothing consumption in France, which has grown by 40% over 15 years while the lifespan of garments has halved. French officials and industry representatives have criticized Shein and Temu for selling counterfeit and non-compliant products, with calls to delist these platforms due to their negative environmental and social impacts. Shein's CEO has denied being a contributor to fast fashion, emphasizing their production-on-demand model that enables low prices.

The bill faces resistance from European fashion retailers and lobbying groups, who reportedly seek to exempt brands like Zara, H&M, Kiabi, and Primark from the legislation. The French government has expressed intentions to urge the European Union to strengthen product sustainability standards. Concerns have also been raised about consumer health risks associated with unregulated clothing imports from these platforms, which often employ deceptive marketing tactics such as flash sales to encourage excessive consumption.

PDD Holdings, the parent company of the e-commerce platform Temu, is currently facing profitability challenges as highlighted in its recent earnings call. The company emphasized that it prioritizes long-term intrinsic value over short-term financial performance and acknowledged that profitability pressures may persist in the near term and potentially for a longer duration. To support its merchants and maintain competitive pricing, PDD Holdings announced plans to subsidize some sellers on Temu. Despite strong global growth of the Temu platform, the company’s financial results have raised concerns among investors, leading to unusual trading activity, including increased volume in November 2025 call options. PDD Holdings is at a strategic turning point, with questions about whether its long-term investment strategy will pay off after a decade of rapid expansion.

The European Consumer Protection Cooperation (CCPC), in collaboration with various European consumer bodies, has initiated legal action against fast-fashion retailer Shein. The allegations include deceptive pricing tactics, specifically the use of fake discounts, and misleading sustainability claims. The European Union has stated that Shein's discount practices violate consumer law. In response to the EU investigation and to avoid potential sanctions, Shein announced plans to conduct 2.5 million safety tests on its products to enhance product safety and compliance. The case also highlights concerns about Shein's attempts to influence legislation related to fast fashion in the European Senate.

The Hang Seng Index experienced a decline of 1.35% on May 26, 2025, with the Hang Seng Tech Index falling 1.7%. This downturn was largely driven by losses in the automotive sector, particularly Geely Auto, which plunged over 9%, marking the largest drop among blue-chip stocks. The nuclear sector, however, saw gains during the same period. Major Chinese stock indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, also recorded declines, with the Shanghai Composite down 0.18% and the Shenzhen Component down 0.61% by May 27.

Trading turnover on the Shanghai and Shenzhen stock exchanges reached 998.93 billion yuan, the lowest since April 18. On May 27, the Hang Seng Index and Hang Seng Tech Index showed modest gains of 0.43% and 0.48%, respectively. However, concerns persisted in the automotive sector due to increased regulatory and consumer scrutiny. Meanwhile, JiHong, an AI social e-commerce stock, debuted on the Hong Kong Exchange with a strong opening at HK$11, up 43.23%, and a pre-market turnover of HK$126 million. On May 28, shares of Xiaomi were set to open up 2.3% following record first-quarter revenue and profits, while Kuaishou rose 6.5% after exceeding Q1 adjusted net income and revenue expectations. Despite these gains, Hong Kong stocks slid as a profit slump at Pinduoduo (PDD) negatively impacted Alibaba and other e-commerce peers. Overall, the market showed volatility with sector-specific pressures influencing performance across Chinese and Hong Kong equities.

Authorities are warning of a rise in scams delivered through text messages, messaging apps, and fake job or investment offers. One scheme involves unsolicited job offers referencing companies such as Temu, sent via text or messaging platforms. These offers often come from self-described recruiters using names like 'Monica' or 'Juliana.' Temu itself has warned the public not to respond to such messages.

Read more

Fast-fashion retailer Shein has privately submitted a draft prospectus to Hong Kong Exchanges and Clearing, the Financial Times reported, confirming earlier Reuters disclosures that the China-founded company sought a rare waiver to keep the document confidential during regulatory review. The filing, made last week, could pave the way for one of the territory’s largest listings this year once it clears scrutiny from both HKEX and the China Securities Regulatory Commission.

Read more

The United States on 2 May scrapped the long-standing “de minimis” tax exemption that had allowed packages worth under $800 from China and Hong Kong to enter duty-free. Parcels are now subject to import duties that briefly reached 145% and currently stand at about 30% following a mid-May trade detente, part of President Donald Trump’s wider tariff agenda.

The change is denting growth at Chinese fast-fashion apps that relied on the loophole. Market-intelligence firm Sensor Tower estimates Temu’s U.S. monthly active users dropped 51% to 40.2 million between March and June, while Shein’s fell 12% to 41.4 million. Both retailers are accelerating efforts to source goods locally or shift marketing to Europe, where Temu’s user base grew more than 70% in key markets last month.

Read more

France’s consumer-protection watchdog, the DGCCRF, has fined China-founded fast-fashion group Shein €40 million after finding the retailer used deceptive pricing tactics on its French website. The sanction, announced on 3 July, is a record penalty for such infractions in the country.

A probe covering thousands of items listed between October 2022 and August 2023 concluded that 57% of advertised promotions did not actually lower prices, 19% overstated the discount, and 11% masked outright price increases. Regulators said the practices misled shoppers by inflating reference prices or ignoring previous offers, contravening rules that require discounts to be based on the lowest price in the preceding 30 days.

Read more

Alexandre Bompard, CEO of Carrefour and president of the Federation of Commerce and Distribution, criticized the current two-euro tax on small Chinese parcels, calling it insufficient and advocating for a "Trump-style" tax of 100% of the parcel's value on shipments from companies like Shein and Temu. He emphasized that these platforms do not respect social, fiscal, or basic safety regulations, describing the competition they create as "totally crazy" and illegal. Bompard also highlighted that inflation is stabilizing for 95% of prices and expressed concern over proposals to increase social VAT, which he considers a bad idea. He called on public authorities to stop increasing taxes and public spending, warning that the fragile recovery in consumer spending could be undermined by negative government discourse. Separately, Michel-Édouard Leclerc, president of the strategic committee of E.Leclerc, expressed concern about competition but noted that vacation costs this year will not be higher than last year. He also welcomed the alliance between Carrefour and Coopérative U, hoping it will benefit French consumers.

Carrefour Chief Executive Officer Alexandre Bompard dismissed the European Commission’s plan to introduce a €2 handling charge on low-value parcels entering the bloc as “a joke,” arguing it would do little to stem the surge of inexpensive goods shipped from China by platforms such as Shein and Temu.

Speaking on French radio on Wednesday, Bompard called for a much tougher response: a 100% tax on the value of each parcel, likening the measure to tariffs imposed by former U.S. President Donald Trump. He warned that the current proposal, scheduled to take effect in 2028 alongside the removal of duty-free treatment for consignments priced under €150, risked arriving too late to protect European toy, textile and specialty retailers.

Read more

Chinese e-commerce platform Temu, owned by PDD Holdings Inc., has restarted purchasing digital advertising in the United States from Google and Meta Platforms, according to The Information.

The company had slashed almost all of its U.S. ad spending earlier this year but typically allocates more than $3 billion annually to marketing in the market, making it one of the largest buyers of online ads on the two platforms.

US shoppers have significantly reduced their usage of popular Chinese e-commerce platforms Shein and Temu following the closure of a tax loophole by the Trump administration. According to data from Sensor Tower cited by the Financial Times, Temu's monthly active users (MAU) in the US fell by 51% to 40.2 million between March and June 2025, while Shein's MAU dropped by 12% to 41.4 million over the same period. The decline in user activity is attributed to the combined impact of the US government's increased tariffs on Chinese goods and the end of the "de minimis" tax exemption, which previously allowed low-value imports to enter the US without additional duties. These developments have affected consumer behavior, leading to a notable decrease in engagement with these platforms.

The recent increase in U.S. tariffs on small parcels from China has led to a sharp decline in shipments and bilateral trade between the two countries. Customs data shows that the value of small parcels sent from China to the U.S. fell to just over $1 billion in May 2025, marking the lowest level since early 2023 and representing a 40% decrease compared to May 2024.

Additionally, container ship traffic from China to the U.S. has dropped to its second-lowest level in 15 months, with a decline of over 50% since its peak in April 2025. This downturn reflects weakening demand for Chinese goods amid the tariff increases. Meanwhile, Chinese companies have significantly increased exports to the United Kingdom, with small parcel shipments rising 66% year-over-year in May 2025 and reaching nearly $2 billion in the first five months of the year. This shift in trade patterns appears to be a response to the U.S. tariff policies implemented under the Trump administration.

U.S. customs data released 20 June show a sharp contraction in e-commerce trade after Washington scrapped duty-free treatment for most Chinese small parcels on 2 May. The value of packages sent from China to the United States fell 40% year on year in May to a little above $1 billion, the lowest level since early 2023.

The policy change ends the longstanding “de minimis” exemption that had allowed shipments valued below $800 to enter the U.S. without duties. Parcels now face tariffs of up to 54%, eroding the economics of direct-to-consumer logistics relied on by fast-fashion platforms Shein Group and rival Temu. Both companies raised prices ahead of the increase and recorded double-digit drops in U.S. sales during the first week of the new levies, according to industry data.

Read more

Chinese e-commerce platform Temu is seeing a sharp reversal in its largest overseas market, with U.S. payments to the site falling more than 25% year-over-year in the four weeks to 8 June, according to Bloomberg Second Measure credit- and debit-card data. Parent company PDD Holdings’ shares dipped after the report. Temu has also slashed U.S. advertising, cutting daily online ad placements from tens of thousands before 10 April to fewer than 100, data from AppGrowing show.

Read more

The French Senate has approved legislation targeting Chinese fast fashion companies, placing greater responsibility on these brands amid growing concerns over the environmental and economic impacts of low-cost clothing. In 2024, French consumers purchased a record number of new clothing items, with approximately 10 million articles bought daily. On average, each French person added 42 new garments to their wardrobe during the year. Despite the surge in new clothing purchases, there has been a notable increase in store closures within the fashion sector, attributed to the pressures of fast fashion. Additionally, French consumers continue to favor new clothing over second-hand options, reflecting ongoing challenges in promoting sustainable consumption practices.

The French Senate has approved legislation targeting the fast fashion industry, specifically aiming at Chinese brands such as Shein and Temu. The law introduces measures including penalties for polluting products, taxes on small parcels, and restrictions on advertising to curb the environmental impact of ultra fast-fashion. The legislation represents a first step in regulating the sector, with the French government emphasizing the need to slow down the rapid growth of ultra fast-fashion. However, some industry representatives, including Charles Brauer from the Federation of Clothing, have criticized the law as insufficient to effectively remove companies that harm the planet. The law also seeks to address unfair competition concerns raised by sustainable fashion entrepreneurs and other industry stakeholders. This move reflects broader European efforts to counter the environmental and economic challenges posed by low-cost, fast fashion imports.

The South African Revenue Service (SARS) is intensifying its efforts to collect value-added tax (VAT) from consumers who shop on international e-commerce platforms such as Shein and Temu. This move aims to increase VAT revenues by targeting goods imported through these online retailers that have previously escaped taxation. Additionally, SARS has increased audits and inquiries into sugary beverage manufacturers as part of a broader tax enforcement initiative, including a crackdown on the sugar tax. These measures reflect SARS's focus on boosting tax compliance and revenue collection in 2025.

Major fast fashion companies Shein and Temu have experienced a sharp decline in demand from American consumers following the closure of a key tariff loophole by the Trump administration. This change, which eliminated the "de minimis" exemption, has forced these companies to raise prices due to the imposition of hefty tariffs on Chinese goods. As a result, US buyers were initially restricted to purchasing only "local" products already in the country. Temu has since resumed limited sales of China-based goods and reinstated free shipping. The impact of the tariff changes is also being felt by South African retailers. Additionally, US retailers are increasingly demanding that Chinese firms cover shipping costs, as the expense of importing goods from China continues to rise amid growing trade pressures.

A coalition of 25 European consumer organizations, coordinated by the European Consumer Organisation (BEUC), has filed a formal complaint with the European Commission against Shein, the Singapore-headquartered Chinese fast-fashion retailer. The complaint alleges that Shein uses 'dark patterns'—manipulative design techniques—on its app and website to pressure consumers into making more purchases.

The alleged practices include frequent pop-up notifications, countdown timers that create artificial urgency, infinite scrolling, low-stock messages that may not be substantiated, and 'confirm-shaming' techniques that make users feel guilty for declining offers. The BEUC report highlights that Shein's app can send up to 12 notifications in a single day and references the 'Puppy Keep' game, which uses gamification to encourage regular engagement and purchases.

Read more

France's Senate began debating a bill aimed at regulating the influx of environmentally harmful, low-quality clothing imports, primarily from Chinese fast-fashion platforms such as Shein and Temu. The legislation seeks to address the rapid increase in clothing consumption in France, which has grown by 40% over 15 years while the lifespan of garments has halved. French officials and industry representatives have criticized Shein and Temu for selling counterfeit and non-compliant products, with calls to delist these platforms due to their negative environmental and social impacts. Shein's CEO has denied being a contributor to fast fashion, emphasizing their production-on-demand model that enables low prices.

The bill faces resistance from European fashion retailers and lobbying groups, who reportedly seek to exempt brands like Zara, H&M, Kiabi, and Primark from the legislation. The French government has expressed intentions to urge the European Union to strengthen product sustainability standards. Concerns have also been raised about consumer health risks associated with unregulated clothing imports from these platforms, which often employ deceptive marketing tactics such as flash sales to encourage excessive consumption.

PDD Holdings, the parent company of the e-commerce platform Temu, is currently facing profitability challenges as highlighted in its recent earnings call. The company emphasized that it prioritizes long-term intrinsic value over short-term financial performance and acknowledged that profitability pressures may persist in the near term and potentially for a longer duration. To support its merchants and maintain competitive pricing, PDD Holdings announced plans to subsidize some sellers on Temu. Despite strong global growth of the Temu platform, the company’s financial results have raised concerns among investors, leading to unusual trading activity, including increased volume in November 2025 call options. PDD Holdings is at a strategic turning point, with questions about whether its long-term investment strategy will pay off after a decade of rapid expansion.

The European Consumer Protection Cooperation (CCPC), in collaboration with various European consumer bodies, has initiated legal action against fast-fashion retailer Shein. The allegations include deceptive pricing tactics, specifically the use of fake discounts, and misleading sustainability claims. The European Union has stated that Shein's discount practices violate consumer law. In response to the EU investigation and to avoid potential sanctions, Shein announced plans to conduct 2.5 million safety tests on its products to enhance product safety and compliance. The case also highlights concerns about Shein's attempts to influence legislation related to fast fashion in the European Senate.

The Hang Seng Index experienced a decline of 1.35% on May 26, 2025, with the Hang Seng Tech Index falling 1.7%. This downturn was largely driven by losses in the automotive sector, particularly Geely Auto, which plunged over 9%, marking the largest drop among blue-chip stocks. The nuclear sector, however, saw gains during the same period. Major Chinese stock indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, also recorded declines, with the Shanghai Composite down 0.18% and the Shenzhen Component down 0.61% by May 27.

Trading turnover on the Shanghai and Shenzhen stock exchanges reached 998.93 billion yuan, the lowest since April 18. On May 27, the Hang Seng Index and Hang Seng Tech Index showed modest gains of 0.43% and 0.48%, respectively. However, concerns persisted in the automotive sector due to increased regulatory and consumer scrutiny. Meanwhile, JiHong, an AI social e-commerce stock, debuted on the Hong Kong Exchange with a strong opening at HK$11, up 43.23%, and a pre-market turnover of HK$126 million. On May 28, shares of Xiaomi were set to open up 2.3% following record first-quarter revenue and profits, while Kuaishou rose 6.5% after exceeding Q1 adjusted net income and revenue expectations. Despite these gains, Hong Kong stocks slid as a profit slump at Pinduoduo (PDD) negatively impacted Alibaba and other e-commerce peers. Overall, the market showed volatility with sector-specific pressures influencing performance across Chinese and Hong Kong equities.

Authorities are warning of a rise in scams delivered through text messages, messaging apps, and fake job or investment offers. One scheme involves unsolicited job offers referencing companies such as Temu, sent via text or messaging platforms. These offers often come from self-described recruiters using names like 'Monica' or 'Juliana.' Temu itself has warned the public not to respond to such messages.

Read more