The operator of Pinduoduo in China and Temu internationally said revenue rose 8 per cent to 112. 7 billion) in the three months ended Jun 30, below analysts’ average estimate of 116. 2 billion yuan from a year earlier, but adjusted earnings per American Depositary Share of 19. com and ByteDance-owned Douyin through discounts, subsidies and incentives aimed at attracting consumers and merchants. However,weak consumer confidence,concerns over job security and a prolonged property downturn have kept shoppers cautious, fuelling a price war across China’s e-commerce sector and squeezing margins.