Markets remain volatile in both directions as the US-China tariff standoff creates uncertainty for global economies. While major US indices notched multiple new records in 2025, Chinese stocks have also soared, outperforming US and global equities. The iShares MSCI China ETF (MCHI) is up nearly 37% YTD, compared to +19% for the iShares MSCI All-Country World Index ETF (ACWI) and +14% for SPY.
PDD Holdings (PDD) has rapidly disrupted China's e-commerce landscape, surpassing JD in users and challenging Alibaba through focused execution and a low-cost strategy. PDD's success stems from targeting price-sensitive consumers, leveraging algorithm-driven shopping, continuous promotions, and operational efficiency, while swiftly abandoning unprofitable ventures. The international expansion v...
PDD Holdings has become China's second-largest retailer, and is now aggressively expanding overseas through its Temu platform. Temu's direct-to-consumer consignment model helps cut supply chain layers and underprice e-commerce rivals. PDD's heavy investment in international expansion and logistics is putting pressure on margins, but valuation remains attractive, with PDD trading around 13–14x f...
Chinese stocks, once deemed univestable by many, are luring both local and foreign investors impressed by recent returns. The Shanghai Composite hit a decade high earlier this month.
Increased investment volatility raises concerns about future shareholder returns, when viewed together with the management's reluctance to pay dividends or repurchase shares. The stock has become less undervalued in a ~40% rally since I initiated coverage in April with a buy rating. PDD remains operationally efficient but faces margin pressure and slower growth in the near term, as the company ...
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