The parent company behind Temu disappointed investors with revenue that missed estimates, as consumer activity in China remains sluggish.

PDD Holdings fell as the Temu parent company's growth rate slowed further from triple-digit levels at the start of last year.

The Chinese owner of bargain app Temu reported slower quarterly profit and revenue growth, capping a turbulent year for the e-commerce giant as it faced stiff competition at home, geopolitical tensions abroad and U.