Pinduoduo's recent tactics in attracting merchants are very well-targeted, as if guided by an expert. Starting from pure low prices to compete for quality supply, turning white-label products into good-quality goods at relatively lower prices compared to others. The money is spent wisely, combined with extreme operational distribution efficiency and user base, leaving room for growth.

TEMU has also changed its strategy, no longer relying solely on the U.S. but adopting a decentralized approach, aiming to be first or second in each local market. Risks are diversified. However, the potential space still needs to be verified.

Overall, it remains optimistic, although the management deliberately lowered expectations. Let's wait and see.

$PDD(PDD.US)