China Expands PDD Holdings Probe Following Regulator Clashes

China has broadened a probe into PDD Holdings Inc. after its employees exchanged blows with regulators, dispatching over 100 investigators from various agencies to the company’s Shanghai headquarters in recent weeks, according to people familiar with the matter. A special investigation team comprising regulators from agencies including the State Administration for Market Regulation (SAMR) and State Taxation Administration (STA) has carried out extensive on-site checks, said the people, who asked not to be identified due to the sensitivity of the issue.