Seeing Shein valued at $60 billion, Temu's user count 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?

Keep in mind that PDD domestically earns $15 billion annually. That's why many funds have accumulated PDD - it's extremely profitable plus has an invincible cash position on hand. According to the situation with American companies, they typically conduct large-scale share buybacks and destroy shares. But Chinese companies rarely do this. The PDD boss himself doesn't want the stock price to rise - this is actually quite frustrating for shareholders. Nobody knows what the company plans to do with all this cash. $pdd