Pinduoduo is really underestimated. With a PE of around 10X, it has nearly half of its market value in cash. For example, if you were to acquire Pinduoduo 100%, you wouldn't have to worry about whether the stock goes up or down; even if Pinduoduo doesn't grow at all, you would only need 5 years to break even. But it just keeps growing wildly. Currently, domestic competitors like Taobao and JD have already lost; JD has given up competing with Pinduoduo and has turned to team up with Taobao against Meituan, because they can't compete with Pinduoduo anymore.