Pinduoduo’s net income has more than tripled in Q2 2022 and its shares have soared 43% over the past month, as it emerges as a big winner amid China’s lockdowns (Jeanny Yu/Bloomberg)

Olivia Poh / Bloomberg:
Google, Temasek, and Bain report: Southeast Asia online spending will rise ~20% in 2022 to $200B, down from 38% in 2021, as digital adoption growth normalizes  —  Growth in Southeast Asia’s internet economy is slowing after years of expansion, showing that even emerging digital markets aren’t immune to economic headwinds.

Wall Street Journal:
Pinduoduo launched US shopping site Temu on September 1, the Chinese e-commerce giant’s first major push overseas, following online fast fashion retailer Shein  —  Temu is the latest example of Chinese companies expanding overseas as the economy loses steam at home

Shen Lu / Wall Street Journal:
As Chinese consumers become thrifty amid an economic slowdown, Insider Intelligence forecasts just 9.1% increase in e-commerce sales in 2022, lowest since 2008  —  Consumers cut back on apparel, cosmetics, while spending more on food, wellness and pet care  —  China Wrestles With Protests, Discontent Amid a Slowing Economy

Che Pan / South China Morning Post:
Chinese media reports: Xiaomi plans to lay off ~15% of its 35,314 employees amid weaker sales due to China’s COVID-19 lockdowns and slower consumer spending  —  Chinese smartphone giant Xiaomi, which has an ambitious goal of unseating iPhone maker Apple from the No 1 spot globally by 2024 …

Maria Deutscher / SiliconANGLE:
Gartner forecasts public cloud spending will grow 20.7% to $591.8B in 2023, including SaaS spending up 16.8% to $195.2B and PaaS spending up 23.2% to $136.4B  —  Worldwide spending on public cloud services will grow 20.7% in 2023, to $591.8 billion, according to a new Gartner Inc. forecast released today.

Reuters:
Sources: India’s government and central bank have asked Google to help curb illegal digital lending apps several times in recent months  —  Alphabet Inc’s (GOOGL.O) Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use …