$PDD Holdings (PDD.US)$ Added below 62, SHEIN's valuation has already reached 66 billion USD. The company holding TEMU, PDD, is only valued at 80 billion? It’s not expensive at all. Moreover, its performance should be compared to JD rather than BABA, as BABA’s e-commerce has fallen behind (even though it still generates huge cash flow). As long as this quarter’s expenditures and investments aren’t excessive, the performance won’t be an issue. I’ve already mentioned the problems from last quarter; the investment spending was abnormal.