Nomura's research report indicates that PDD Holdings Inc's overseas business may have rebounded. Following the U.S. government's termination of the de minimis exemption in May, PDD's Temu platform adjusted its strategy and intensified efforts to recruit local U.S. sellers. Temu has also expanded rapidly in markets outside the U.S. These measures have contributed to Temu's business recovery. Nomura maintains a Neutral rating on PDD's ADR with a target price of $136.00.
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