---
title: "The misunderstood Bilibili, the overhyped Pinduoduo"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38797565.md"
description: "I just searched for Bilibili and casually recorded a few of its higher lows. I found that from July 2024 until now, over a year, it actually provided nearly 20+ big opportunities for arbitrage. It's not an exaggeration to call it the ATM for Chinese concept stocks, right? Whether it's for arbitrage or grid trading, Bilibili is quite comfortable. Or you could simply hold it long-term and it's also comfortable..."
datetime: "2026-02-20T06:54:00.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38797565.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38797565.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38797565.md)
author: "[股神小顾](https://longbridge.com/en/profiles/13638348.md)"
---

# The misunderstood Bilibili, the overhyped Pinduoduo

I just searched for Bilibili and casually recorded a few of its higher lows. I found that from July 2024 until now, over a year, it has actually given nearly 20+ major opportunities for arbitrage. Calling it the ATM for Chinese concept stocks isn't an exaggeration, right? Whether it's for arbitrage or grid trading, Bilibili is quite comfortable. Or, you could simply hold it long-term, which is also comfortable.

12.72-31-19-24-18-23-15-24-20-24-14-25.74-21-25.59-22-31-26-32.5-24-27.6-33.74-30-36.4-29.21-32-29.56

But I haven't touched this stock at all from start to finish because whenever Bilibili is mentioned, everyone says it's going to go under, referring to its users as 'B 小将' (B 站 die-hard fans) and negative assets, which made me afraid to buy. Yet, it happens to have the best trend among Chinese concept stocks, at least maintaining a positive three-to-one ratio, right?

In fact, it has strong uptrends when needed, good elasticity, and volatility. I think among all Chinese concept stocks, it's the most comfortable. Moreover, it doesn't trap people; every time it shakes out weak hands through consolidation, it pulls back up, and it even hit a new high in October 2024.

What does a new high in October 2024 mean? How many people got trapped in that rally? JD.com was at $46, and it's still oscillating around $26, $27 now, almost halved. But, even if you bought Bilibili at its peak of $30, if you held onto it, you could have gained 20 points because it reached $36 some time ago.

Among Chinese concept stocks, the most hyped is also Pinduoduo, including myself when I entered the US stock market, I got tricked into thinking Pinduoduo was really good. Although I personally don't use Pinduoduo for shopping at all, using Taobao instead, I still firmly believed Pinduoduo was better than Taobao. Then I looked at the curve. Pinduoduo has plummeted over 30 points from 2024 until now. From 2024 until now, all other Chinese concept stocks have been in strong uptrends, but Pinduoduo is the weakest, and it hasn't had a decent rebound in all these years.

Now I really don't understand, what's so great about a stock that doesn't pay dividends, has no elasticity, and keeps declining slowly? It's not suitable for grid trading, not suitable for value investing, and not great for arbitrage either. But if you insist on arguing, selling at $140 and buying at $100 is theoretically feasible. It does oscillate within that range, but most of the time, buying Pinduoduo is a very mentally taxing thing.

I won't use Bilibili to bully Pinduoduo; let's take a similar one, Alibaba. It has strong uptrends when needed, good elasticity, and doesn't trap people. Whether it's for arbitrage, grid trading, or value investing, it's more comfortable than Pinduoduo. And even for selling options to collect premium, Alibaba's IV is more expensive than Pinduoduo's.

So now I really don't understand. Clearly, Pinduoduo has been the weakest stock over the past three years, even worse than the now-halved JD.com and Meituan, because JD.com and Meituan have either slightly risen or slightly fallen from 2024 until now, while Pinduoduo has plummeted. Moreover, Meituan and JD.com doubled at one point during this period, while Pinduoduo never doubled, its highest point during that time was only a 20-point gain. The holding experience is truly worlds apart. I say it's the trashiest among Chinese concept stocks, yet the most popular influencer stock with the largest fanbase, am I right?

Watching my $80,000 worth of Pinduoduo options go to zero, my heart is bleeding. I always thought I was value investing, but I was actually in prison. This stock market is also quite funny; the more you seek stability and pursue fundamentals, the bigger the loss you'll eat. Instead, those with fundamentals you consider average can give you unexpected surprises.

If given another chance, I'd rather be a 'B 小将' than invest in Pinduoduo anymore.

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## Comments (45)

- **股神小顾的超级迷弟 · 2026-02-20T16:49:55.000Z**: What are Pinduoduo's fundamentals? Also, the fact that everyone online is hyping it up means there are a lot of retail investors, so this stock is bound to fall, harvesting the retail investors.
- **VOT · 2026-02-20T12:45:40.000Z**: Small b can also be bought now
- **新用户_s4lvys · 2026-02-20T11:08:09.000Z**: Followed from Douyin news to Longbridge, is Gu Shen from Jiangxi? He really likes to go all in.
- **顾神与chatgtp · 2026-02-20T10:15:04.000Z · 👍 4**: I. He said Bilibili is a cash machine? — A classic case of "hindsight bias."He listed a series of price fluctuation ranges, essentially saying:"As long as you do spreads/grid trading, it gave over 20 opportunities a year."What's the problem?The problem is —You are now looking back at
  - **彼得.林奇的交易员Jeff** (2026-02-20T12:59:31.000Z): ChatGPT knows Gu Shen better than he knows himself.
- **Karlven · 2026-02-20T09:51:51.000Z**: Duan Yongping vs Xiao Gu
- **SK117 · 2026-02-20T09:14:59.000Z · 👍 2**: Kai Si, the doomsday option prince, tonight is your stage. Don't chicken out, go all in, and turn your fortune around directly.
  - **Lu Lu** (2026-02-20T09:38:32.000Z): All in directly 1000%, and then no need to collect 🪿 gold.
  - **SK117** (2026-02-20T11:34:32.000Z): He's still scared and doesn't dare to eat big pieces of meat and drink from big bowls like he used to.
  - **Lu Lu** (2026-02-20T11:55:32.000Z): So he went to Thailand to play 3p to relieve stress.
- **新用户_tk59 · 2026-02-20T08:31:05.000Z**: The main upward surge of Bilibili has passed. Why do the gods always love to approach the has-been influencers halfway up the mountain? Value investing means buying banks, right? 😂
  - **SK117** (2026-02-20T09:42:07.000Z): This guy is a coward now, useless, given a chance to get rich and he still doesn't dare to go for it.
- **smdfy · 2026-02-20T08:22:15.000Z**: Oh no, Bilibili is about to go to zero.
- **Lu Lu · 2026-02-20T08:19:49.000Z**: Summary!
- **ウルトラマン · 2026-02-20T08:19:31.000Z**: $Bilibili(BILI.US)Daiwa Securities' Tadoshi Koji maintains Bilibili's "Sell Immediately" rating unchanged.
- **冰阔乐真的好喝 · 2026-02-20T08:03:18.000Z**: My little Bilibili and Alibaba 😧$BILIBILI-W(09626.HK)$BABA-W(09988.HK)
- **momo su · 2026-02-20T08:01:45.000Z**: God has descended upon Bilibili
- **長野原烟花店交易员 · 2026-02-20T07:58:39.000Z**: What the hell is this string of numbers?
- **自嘲熊的交易员 · 2026-02-20T07:41:15.000Z · 👍 13**: Cola bro recommended Gu Shen to go live on Bilibili, but Gu Shen understood it as going all in on Bilibili stock 🐻
  - **奇迹的交易员cola** (2026-02-20T07:57:17.000Z): 😅
  - **齊天弼馬溫** (2026-02-20T10:18:16.000Z): Bilibili's stock fell in response📉.
- **爱在初秋 · 2026-02-20T07:41:07.000Z · 👍 1**: GuShen makes so much sense!
  - **SK117** (2026-02-20T09:15:53.000Z): He's getting closer to the day he goes to Macau to collect the 'duck money'. The chips in his hand probably won't last until the end of 2026.
- **長野原烟花店交易员 · 2026-02-20T07:37:23.000Z**: Shorted
- **巴菲特的启蒙小徒 · 2026-02-20T07:21:42.000Z**: If you don't even hold the underlying stock, don't talk about value investing.
- **意识流选手 · 2026-02-20T07:07:48.000Z · 👍 6**: If you're playing options, don't talk about value investing; it misleads newbies.
  - **交易员小许** (2026-02-20T08:44:42.000Z): Look! You're taking it seriously again.