European Union to open formal probe into PDD’s Temu, Bloomberg says

The European Union is set to launch an investigation into PDD Holdings (PDD)’ Temu over concerns it is failing to curb the sale of illegal products online, Gian Volpicelli and Samuel Stolton of Bloomberg report, citing people familiar with the matter. The European Commission will open formal proceedings against Temu to probe whether it is in breach of rules against illicit online activities, sources told Bloomberg. The investigation could be announced imminently, the people said. Shares of PDD are down 3% to $121.04 following the report.