Spending your own money is definitely the right thing to do. If you don't compensate, users will leave, and Pinduoduo's advantage with merchants will collapse. JD.com's self-operated electronics at 17%, daily necessities at 15%, and third-party at 16% clearly show that users attracted by national subsidies are well converted—they not only buy subsidized products but also daily necessities and third-party goods. This might also be one of the reasons behind Liu Qiangdong's decision to enter the food delivery business. Pinduoduo says it will spare no sacrifice to win the national subsidy battle, just like Meituan's declaration to spare no sacrifice to win the food delivery battle—their stance is clear. How long the national subsidies will last and which categories they will expand to directly affect how long and how much Pinduoduo's 'sacrifice' will be.$PDD(PDD.US)$MEITUAN(03690.HK)$JD.com(JD.US)