---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/24106417.md"
description: "Are you talking about Pinduoduo? It depends on the company's development stage. In the early stages, building a moat is more important than dividends and buybacks. When it reaches a certain stage without major investments, Apple's 'cash neutral' principle is the best approach—keeping enough cash for operations and returning all excess cash to shareholders through dividends and buybacks."
datetime: "2024-09-25T23:26:02.000Z"
locales:
  - [en](https://longbridge.com/en/topics/24106417.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/24106417.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/24106417.md)
author: "[温暖的人情债](https://longbridge.com/en/profiles/7200491.md)"
---

# Are you talking about Pinduoduo? It depends on the…