PDD Holdings , which operates e-commerce platforms Pinduoduo and Temu, missed market estimates for quarterly revenue on Thursday, as demand remained weak in China despite deep discounts and government stimulus to boost spending.

PDD, the parent company of e-commerce platform Temu, released its unaudited fourth-quarter financial results on Thursday, reporting total revenue of RMB

U.S.-listed shares of PDD Holdings ( PDD) rose Thursday after the parent of the Temu shopping app posted a higher quarterly profit even though it missed sales estimates as Chinese consumers pulled back spending and it faced higher costs.