$PDD(PDD.US) In the letter to shareholders for Pinduoduo's 2018 IPO, Huang Zheng clearly broke down BenFen (English name: BenFen, which also confuses foreigners) into five principles:

Integrity and Trustworthiness: Be honest and become a trustworthy person.

Stick to One's Duty: Fulfill one's own responsibilities, regardless of what others are doing.

Focus on the Original Intention: Isolate external forces, return to the original intention, and focus on doing what one should do well.

Don't Take Advantage: Don't take advantage of others, even if we could.

Look Inward When Problems Arise: When problems occur, first look to oneself for responsibility.

My first requirement for Pinduoduo's values is whether it continuously saves money for consumers and makes the organization more efficient. If it's no longer cheap, that's the greatest violation of BenFen.

As for whether violent resistance to law is right, it's definitely wrong. But a good culture isn't about never making mistakes, it's about whether you correct them. He has already received the punishment he deserved, and the company probably won't do such stupid things in the future.

Xiaomi is the same, advocating for technology equality (tech democratization). If one day people still need to spend 5000 yuan to buy a 680 chip, then Xiaomi hasn't done its job properly.

$XIAOMI-W(01810.HK)