Looking at Shein valued at $60 billion, Temu's user base and GMV are both higher than Shein's. Assuming Temu is valued at $50 billion, after deducting Temu, PDD's domestic value would be $100 billion. After further deducting net cash of $60 billion (cash minus interest-bearing debt), PDD's domestic value is $40 billion?

But PDD makes $15 billion annually domestically. So many funds have accumulated PDD - it's incredibly profitable plus has an invincible cash position.

Based on the situation with American companies, they generally repurchase and cancel large amounts of stock. But Chinese companies rarely do this. The PDD boss himself doesn't seem to want the stock price to rise, which is actually very difficult for shareholders. Nobody knows what the company is doing with all this cash? $PDD