China’s PDD Holdings (PDD.O), opens new tab missed market estimates for quarterly revenue on Monday, and downbeat comments from executives about China’s domestic e-commerce competition and the firm’s global outlook sent its shares down more than 28%.

The biggest one-day share fall for PDD since it listed in the U.S. in 2018 wiped out nearly $55 billion in market capitalisation. The e-commerce retailer operates discount-focused platforms Pinduoduo in China and Temu for the international market.