U.S.-listed shares of PDD Holdings, along with other major Chinese companies, fell on Friday despite the announcement of a limited trade truce between U.S. President Donald Trump and Chinese President Xi Jinping. The market's reaction suggests investor skepticism over the long-term effectiveness of the agreement, as deeper economic and political tensions remain unresolved. The announced truce included partial tariff relief from the U.S. in exchange for China pausing certain export controls and increasing purchases of American agricultural products. However, critical issues such as semiconductor technology, Taiwan, and the status of TikTok were not addressed in the agreement. This cautious sentiment from investors highlights the ongoing risks associated with U.S.-listed Chinese equities. The market appears to be waiting for more substantial progress in trade and technology negotiations before confidence is fully restored, leading to a drop in PDD's stock price during Friday's trading session.