Shanghai’s tax authority fined an operating entity of PDD Holdings, the US-listed e-commerce company that runs leading retail platforms Pinduoduo and Temu, citing its failure to comply with local tax requirements, according to a Wednesday report from state news agency Xinhua. Shanghai Xunmeng Information Technology, a PDD subsidiary which operates Pinduoduo, failed to report necessary information concerning its platform operators and employees for the third quarter of 2025, the city’s tax...