Seeing Shein valued at $60 billion, Temu's user count and GMV both higher than Shein's, assuming Temu is valued at $50 billion, then after deducting Temu, PDD's domestic value is $100 billion, then after deducting net cash of $60 billion in cash minus interest-bearing liabilities, PDD's domestic value is $40 billion?

You have to know that PDD earns $15 billion domestically per year. So many funds have accumulated PDD - super profitable plus unbeatable cash on hand. According to American companies' practices, they generally conduct large-scale stock buybacks and cancellations, but Chinese companies rarely do this. PDD's founder doesn't want the stock price to rise, which is actually quite frustrating for shareholders. Nobody knows what he's doing with all that cash in the company? $pdd