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Pinduoduo parent sees transaction revenue surge 315% as Chinese consumers hunt for bargains

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Pinduoduo parent sees transaction revenue surge 315% as Chinese consumers hunt for bargains

Chinese flag waving in front of Shanghai cityscape.

Eternity in an Instant | Stone | Getty Images

Consumers in China are hunting for bargains when they spend, the latest earnings from online retailers show.

Chinese e-commerce giant PDD Holdings posted 94% growth in third-quarter revenue, far outpacing Alibaba‘s 9% growth during the same period.

PDD, the parent company of Chinese bargain e-commerce app Pinduoduo, said Tuesday that

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