---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43152242.md"
description: "$PDD(PDD.US) and $MEITUAN(03690.HK) both saw modest gains, with the magnitude being very close. Their main battlefields have long overlapped—local services, instant retail, and low-price supply. The marginal returns on subsidy investments are declining. Previously, the market was concerned about who was burning cash; now the narrative is shifting to how much fulfillment and customer acquisition costs are saved through AI-driven efficiency. The recent recovery in Hong Kong's internet sector has lasted over a month, and valuations are no longer cheap. Will we continue to assign a premium based on the new narrative of AI monetization, or wait for the interim report to validate the efficiency gains? 🤔"
datetime: "2026-08-03T09:47:05.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43152242.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43152242.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43152242.md)
author: "[subaru486](https://longbridge.com/en/profiles/26848306.md)"
generator: "portal-rs"
---

# $PDD(PDD.US) and $MEITUAN(03690.HK) both saw modes…


### Related Stocks

- [PDD.US](https://longbridge.com/en/quote/PDD.US.md)
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- [83690.HK](https://longbridge.com/en/quote/83690.HK.md)
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- [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**