KraneShares 2x Long PDD Daily ETF

KPDD

HMTD

03690

MPNGY

83690

PDD 4Q25 First Take: As Dolphin Research has noted, PDD has stayed out of the food-delivery land grab and is not chasing AI hype, emerging as the most focused, pure-play, value-oriented retailer in e-commerce. This was again the steadiest print among peers, with most metrics largely in line with the Street. Key signals: domestic operations were broadly stable, and PDD was less affected as state subsidies faded. Temu’s growth was stronger than expected, specifically: 1) Total revenue rose 12% YoY, fully in line. By line item, online marketing revenue grew 5.3% YoY, below Bloomberg consensus of 8%; even GS was at 6%, so it still lagged. Referencing recent prints from JD and Alibaba, this likely reflects a sluggish 4Q e-commerce backdrop. QoQ, growth eased only from 8% to 5%, suggesting the fade of state subsidies was a marginal positive for PDD. 2) The upside came from transaction services revenue, up 19% YoY and clearly ahead of the Street. Given weak domestic trends this quarter, most of the beat likely came from Temu. With Meituan largely exiting community retail, Duoduo Maicai may have also contributed. 3) GPM was a touch below expectations, likely a mix headwind as Temu scaled and its weight increased. The gap is immaterial. The largest expense, sales &amp; marketing, was RMB 34.4bn (+9.6% YoY), also in line. Notably, sales expense growth accelerated vs. the prior two quarters. Dolphin Research believes that as the impact of state subsidies faded, marketing spend on the domestic core app likely did not rise much. That implies heavier Temu investment, consistent with its upside this quarter. 4) Lastly, G&amp;A and R&amp;D moved in opposite directions, largely offsetting. The former reflects higher productivity, the latter ongoing AI investments. OP was broadly in line; on an adj. basis, up ~5% YoY. $PDD(PDD.US) $KraneShares 2x Long PDD Daily ETF(KPDD.US)

Meituan HK SDR 5to1

MEITUAN

Meituan

MEITUAN-WR

Netease Significantly Increases Pinduoduo Holdings, Shares Surge 149% to 8.87 Million

Pinduoduo Adjusts Logistics and Increases Ads in Southeast Asia

Pinduoduo Invests 10 Billion to Create Xinpinmu, Aiming to Rebuild Self-operated Brand Model

Pinduoduo plans to invest 10 billion yuan to transform its supply chain

France Urges EU to Crack Down on Shein and Temu Platforms

Tencent Holds 13.8% of Shares in Pinduoduo as the Largest Institutional Shareholder

New Jersey Public Pension Fund D Acquired PDD Holdings Inc. ADR in Q4

PDD Holdings reports 13% decline in net income, 9.7% rise in revenue for FY2025

Temu Collaborates with QIMA to Enhance Product Compliance and Safety

Citi Adjusts Prediction and Target Price for PDD

Pinduoduo Announces the Formation of Xinpinmu, Launching a Comprehensive Brand Export Solution

China Universal Asset Management Increases Stake in PDD Holdings Inc.

Temu Wins the Highest Honor in the International Market Category of the 2026 Portugal Recommended Brands Award

SAMR fines Pinduoduo and other e-commerce platforms administratively

China fines seven e-commerce platforms 528 million USD for failing to identify 'ghost stores'

Chinese regulators impose a record $528 million fine on major delivery platforms

SAFETY AUTHORITY HEAVILY PUNISHES SEVERAL E-COMMERCE PLATFORMS FOR “GHOST FOOD DELIVERY”

PDD Holdings Inc sees 3.68% stock price decline, underperforms industry

Pinduoduo Reports 2025 Earnings: Revenue Growth but Profit Slump

Mars Snackfoods Discusses New E-commerce Models and Food Innovation with Pinduoduo

InMed Pharmaceuticals

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

Amesite

CN Energy

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

NextNRG

Meiwu Tech

Generation Income Properties

MetaVia

OceanPal

RERE

BEKE

ACMR

SOHU

ZEPP

HSAI

CSIQ

ATRenew(RERE) rose 11.56%, with a trading turnover 18.2 Million USD, and a year-to-date fell 3.1%. KE(BEKE) rose 5.17%, with a trading turnover 171.3 Million USD, and a year-to-date rose 21%. Canaan(CAN) fell 13.61%, with a trading turnover 8.4 Million USD, and a year-to-date fell 39.6%. Zepp Health(ZEPP) fell 13.59%, with a trading turnover 1.5 Million USD, and a year-to-date fell 65.8%.

- The Nasdaq Composite Index fell by 0.84%, with a year-to-date increase of 11.3%.  
- The S&P 500 Index declined by 0.67%, up 7.4% year-to-date, and the Dow Jones Index dropped by 0.65%, gaining 2.7% for the year.  
- Notable stock movements include RERE rising 11.56% and CAN dropping 13.61%, while BEKE increased by 5.17%.

Top Gainers&Losers

ATRenew

ACM Research

Sohu.com

Canaan

Zepp Health

Hesai

Chaince Digital

Canadian Solar

Top 5 CDRs Gainers/Losers (>100M) (5.19)

BRK.B

AAPB

NVDU

BRKU

TSLL

NVDL

TSLR

Investor Duan Yongping's H&H International Investment disclosed a portfolio valued at $20 billion in its SEC 13F filing for Q1 2026, holding 19 securities. The top five holdings include Apple, Berkshire Hathaway, Nvidia, Pinduoduo, and Tesla. He also initiated a position in Circle, acquiring 200,000 shares at an average price of $95.41.

CoinLive

Berkshire Hathaway B

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily NVDA Bull 2X Shares

Direxion Daily BRKB Bull 2X Shares

Direxion Daily TSLA Bull 2X Shares

GraniteShares 2x Long NVDA Daily ETF

GraniteShares 2x Long TSLA Daily ETF

Apple

NVIDIA

Tesla

Circle

Berkshire Hathaway

NVIDIA Corporation

Investor Duan Yongping's Portfolio Revealed in SEC Filing

PDDL

Shein has accused Temu of large-scale copyright infringement in a legal battle at London's High Court, claiming Temu used thousands of its photos to promote copies of its clothing. Temu counters that Shein is using litigation to hinder competition. The case could impact platform practices and intellectual property enforcement in global e-commerce. Temu has also counter-claimed for damages after removing product listings due to Shein's injunction. Both companies are involved in a broader legal conflict, with implications for their rapid international expansion amid regulatory changes.

- Online fast-fashion platform Shein has accused Temu of large-scale copyright infringement, igniting a trial at London's High Court.  
- The case reflects a broader global legal battle between the two companies, with potential effects on supplier relationships and intellectual property enforcement in e-commerce.  
- Temu argues that Shein’s lawsuit is an attempt to undermine competition, while also pursuing its own claims against Shein regarding competitive practices.

Yahoo Finance

GraniteShares 2x Long PDD Daily ETF

Shein accuses Temu of 'industrial scale' copyright breaches in UK legal battle

M&T Bank Corp has made a new investment of $2.15 million in PDD Holdings Inc. Sponsored ADR, acquiring 18,960 shares in the fourth quarter. This follows similar moves by other investors, with institutional ownership at 39.83%. Analysts have mixed ratings on PDD, with six giving it a Buy rating and nine a Hold rating. The stock opened at $98.78, with a market cap of $137.52 billion and a 52-week range of $95.24 to $139.41. PDD operates a mobile-first e-commerce platform in China, focusing on interactive shopping and value-oriented goods.

- M&T Bank Corp acquired 18,960 shares of PDD Holdings Inc., valued at approximately $2,150,000, during the fourth quarter, as disclosed in its 13F filing with the SEC.  
- Other investors, including OVERSEA CHINESE BANKING Corp Ltd and Campbell & CO Investment Adviser LLC, also increased their positions in PDD, contributing to 39.83% ownership by institutional investors.  
- PDD currently holds a mixed analyst rating with an average target price of $139.67, reflecting a recent price of $98.78 and a market cap of $137.52 billion.

Market Beat

M&T Bank

OCBC Bank

Sumitomo Mitsui Trust Holdings, Inc.

Rakuten Group, Inc.

Nomura

Nomura Holdings, Inc.

Citigroup

Morgan Stanley

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CITIGROUP INC 6.250 NON CUM SER II PFD WI

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M&T Bank Corp Makes New $2.15 Million Investment in PDD Holdings Inc. Sponsored ADR $PDD

BABA

09988

EBIZ

Alibaba (BABA) will report its Q4 FY26 earnings on May 13, with the stock down 4% this year due to concerns over AI spending, rising costs, and competition from PDD Holdings and JD.com. The ownership structure shows that 88.44% of Alibaba is owned by public companies and individual investors, while insiders, mutual funds, and other institutional investors hold smaller percentages. This information may influence investor sentiment ahead of the earnings report.

- Alibaba is scheduled to announce its Q4 FY26 results on May 13, with its stock having declined 4% this year amid concerns over AI spending, rising costs, and competition.  
- The ownership structure of Alibaba shows that public companies and individual investors hold 88.44% of the company, while insiders and institutional investors make up the remainder.  
- This ownership distribution offers insight into market confidence and caution regarding Alibaba's stock performance as earnings approach.

Tip Ranks

Alibaba

BABA-W

JD.com

Direxion FTSE China Bull 3X

Krne Csi China Internet

KraneShares 2x Long BABA Daily ETF

KraneShares 2x Long JD Daily ETF

Global X E-commerce ETF

BABA 2x Long Daily ETF - GraniteShares

JD-SW

BABA-WR

Alibaba HK SDR 5to1

JD-SWR

Alibaba Will Report Q4 Earnings on May 13 — Here's Who Owns BABA Stock

IBUY

ONLN

SHEIN and Temu are embroiled in a copyright dispute at London's Business and Property Courts, with SHEIN accusing Temu of allowing third-party sellers to use nearly 2,300 stolen product photos. The trial, presided over by Mrs Justice Bacon, will last two weeks. SHEIN seeks damages and removal of the images, while Temu counters that the lawsuit aims to stifle competition and questions SHEIN's ownership of the images. Temu has also filed a counterclaim for damages due to losses from removed listings.

- SHEIN and PDD Holdings' Temu are involved in a copyright theft case in London, where SHEIN accuses Temu of enabling third-party sellers to use approximately 2,300 stolen product photos from its website.  
- SHEIN demands the removal of these images and compensation, claiming Temu actively facilitated the infringement, while Temu denies these allegations, suggesting they are meant to stifle competition.  
- Temu has shifted its legal strategy by dropping the defense against the photo claims and filing a counterclaim for losses incurred from removing product listings due to SHEIN’s court order.

VanEck Retail ETF

Amplify Online Retail ETF

SPDR S&P Retail ETF

ProShares Online Retail

Amazon

Walmart

Costco Wholesale

SHEIN and Temu Copyright War Just Got Nasty With a High Court Showdown

State of New Jersey Common Pension Fund D acquired 40,370 shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) valued at approximately $4.58 million in Q4. Other institutional investors have also increased their stakes in PDD. Analysts have mixed ratings on the stock, with a consensus rating of "Hold" and a target price of $139.67. PDD operates a mobile-first e-commerce platform in China and has a market cap of $136.14 billion. The stock has seen a 25% decline recently, with a current price of $97.79.

- The New Jersey Common Pension Fund D has acquired 40,370 shares of PDD Holdings Inc., valued at approximately $4,578,000.  
- Other investors, such as GAMMA Investing LLC and Binnacle Investments Inc., significantly increased their stakes in PDD, reflecting growing institutional interest.  
- Analysts have varied opinions on PDD, with an average rating of "Hold" and a consensus price target of $139.67, indicating mixed sentiments in the market.

40,370 Shares in PDD Holdings Inc. Sponsored ADR $PDD Bought by State of New Jersey Common Pension Fund D

Temu has been acknowledged in the first-ever edition of the list, following a survey of over 5,000 U.S. parents. The recognition was announced in Boston on May 8, 2026. Temu is honored to be included in USA TODAY's inaugural "Brands Most Trusted by Parents 2026," showcasing the trust and confidence parents have in it.

Unusual Whales

USA TODAY

Temu Named One of USA TODAY's "Brands Most Trusted by Parents 2026"

PDD Holdings (PDD) is currently priced at US$97.29, reflecting a 2.8% decline over the past week and a 15.9% decline year-to-date. Despite this, it shows a 53.2% return over three years. Valuation analyses suggest the stock is undervalued, with a Discounted Cash Flow model indicating a potential intrinsic value of US$179.09 per share, a 45.7% discount from its current price. Additionally, its P/E ratio of 9.50x is significantly below industry averages, further supporting the undervaluation claim. Investors are encouraged to consider PDD Holdings as a potential opportunity amidst market fluctuations.

- PDD Holdings, currently priced at US$97.29, has experienced a year-to-date decline of 15.9%, while showing a three-year return of 53.2%.  
- Analysis indicates that the stock is undervalued by approximately 45.7% based on Discounted Cash Flow, and a P/E ratio of 9.50x is significantly lower than industry averages.  
- Various valuation approaches suggest potential fair values ranging from US$111 to US$184 per share, inviting investors to consider their expectations versus current pricing.

Simplywall

Is PDD Holdings (PDD) Offering Opportunity After Recent Share Price Weakness?