中国监管机构在员工与执法人员发生肢体冲突后，显著升级了对拼多多控股的调查。最近数周内，来自多个部门的逾100名调查人员进驻其上海总部，调查范围涵盖虚假发货、税务问题等多项指控。调查由市场监管总局和税务总局等机构组成的专项小组执行，起因包括上月发生的冲突事件，显示监管强度明显提升。

调查已对公司经营造成实际影响。为应对检查与访谈，拼多多在农历新年前的营销活动放缓，部分项目被推迟。资本市场迅速反应，其美股存托凭证周二下跌2.2%，年初至今跌幅约8%。分析人士指出，过去两周的股价走弱已部分反映监管风险，但若公司正式确认调查或监管部门公开立案，仍可能引发进一步抛售。

在竞争与监管双重压力下，前景不确定性加剧。拼多多去年11月已警告国内电商市场增速放缓，阿里巴巴与京东竞争加剧。监管背景尤为敏感，因市场监管总局在2020年对阿里巴巴的反垄断调查曾引发行业级整顿。随着监管机构强化平台治理、要求电商首次上交销售数据并禁止强制促销，拼多多的快速崛起及其海外业务扩张正面临更高的合规与估值风险。

Chinese regulators have sharply escalated a probe into PDD Holdings after physical altercations between company employees and inspectors. Over recent weeks, more than 100 investigators from multiple agencies were dispatched to the firm’s Shanghai headquarters, examining alleged misconduct ranging from fraudulent deliveries to tax issues. The investigation, led by a special team including the market and tax regulators, was triggered in part by the clashes last month and signals significantly heightened scrutiny.

The probe has already disrupted operations. Marketing campaigns ahead of the Lunar New Year have slowed and projects have been delayed as staff prepare for inspections and interviews. Markets reacted quickly, with PDD’s US-listed depositary receipts falling 2.2% on Tuesday and down about 8% year to date. Analysts say recent share price weakness partly reflects regulatory risk, but a formal acknowledgment of the investigation or an official announcement could trigger further selloffs.

Uncertainty is rising amid competitive and regulatory pressure. PDD warned in November of slowing growth in China’s intensely competitive e-commerce market as Alibaba and JD.com step up rivalry. The scrutiny is especially sensitive given the market regulator’s 2020 antitrust probe into Alibaba, which led to a sector-wide crackdown. As oversight tightens, including new rules on platform conduct and data disclosure, PDD’s rapid ascent and overseas expansion now face higher compliance risks and valuation overhangs.