Shares of PDD Holdings fell on January 20, 2026 after reports indicated that Chinese authorities had expanded regulatory scrutiny of the company following a recent physical confrontation between PDD personnel and government inspectors. Regulators from multiple agencies, including China’s market and tax authorities, have since carried out large scale on-site inspections at PDD’s Shanghai offices, reviewing issues that reportedly include delivery practices and tax compliance, and the investigation has disrupted normal operations for the company. Block & Leviton LLP is investigating.
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