$PDD(PDD.US)Remain bullish on Pinduoduo. Here are the reasons for long-term holding: ☞1. Optimistic about Temu's overseas expansion. Although there is ongoing media controversy about Pinduoduo facing suppression abroad, my personal judgment—purely personal—is that e-commerce is the future, and this future is unstoppable. Mature commercial countries won’t easily suppress it; there might be challenges, but I believe the legal teams of giant companies will handle them proactively. Thus, I remain optimistic about its global growth. 2. Chinese concept stocks are undervalued in the U.S. The fact that we can buy Pinduoduo at a cheap price also benefits from this. So, there’s no need to complain about valuation suppression. As long as Pinduoduo performs well, we can enjoy its growth dividends in the future. An e-commerce valuation of 10x—if profits double within three years, I truly don’t believe the U.S. will value it at 5x. Suppression has its limits. 3. The so-called outbreak of war affecting businesses—if such a major scenario occurs, buying U.S. stocks would pose even greater risks for Chinese investors compared to Chinese concept stocks. Such systemic risks shouldn’t target only Chinese concept stocks.