$PDD(PDD.US)

Pinduoduo, Tencent, and Alibaba have shown highly correlated price movements since last October. They have been completely disconnected from the overall market direction, just trending downwards, which is definitely a problem. Mr. Market is very likely making a mistake here. The fundamentals of these three companies are different; their only common label is being Chinese internet stocks. When they are being shorted, their large market capitalizations make them less susceptible to being squeezed by large capital. Consequently, they suffer more severe damage.