PDD is a company that captures two macro trends in China: a slowdown in economic growth which results in consumption downgrade in the short term, and promotion of common prosperity in the long term.
Even though PDD's user growth has slowed, its average spending per user is still low and have high growth potential.
PDD's fair value is around $70 / ADS given a 30% margin of safety, implying a 50% upside potential.
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