Citi says the State Taxation Administration of Shanghai announced a fine of Rmb 100,000 on PDD Holdings (PDD), saying the company failed to complete rectification within the specified time period. Following reports of onsite checks by regulators, the fine is “smaller-than-feared,” the analyst tells investors in a research note. Citi sees the announcement removing on overhang on PDD shares. It keeps a Buy rating on the stock with a $170 price target PDD in premarket trading is up 6% to $110.76.
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