"Pop Mart's stock fell by 4% in intraday trading, Bernstein states that its fourth-quarter performance may be below expectations."

In Hong Kong, Pinduoduo's stock briefly dropped over 4% and underperformed in the Hang Seng Index. Bernstein noted that based on high-frequency data, demand for Pinduoduo in China and overseas markets deteriorated in October, with substantial deceleration in transactions across all channels, which could mean that the company's fourth quarter performance may fall below market expectations.