Pinduoduo becomes the highest-valued Chinese stock in the U.S.
Pinduoduo becomes the highest-valued Chinese stock in the U.S.
As of the close of U.S. stocks on December 1st, Pinduoduo’s market value surpassed Alibaba, making it the highest-valued Chinese concept stock in the U.S. Pinduoduo’s stock price rose by 4.03% to $147.44, with a market value of $195.9 billion. Alibaba’s stock price slightly increased by 0.25% to $74.86, with a market value of $190.7 billion.
Pinduoduo’s latest disclosed Q3 2023 financial report shows that Pinduoduo’s quarterly revenue reached 68.84 billion yuan, up by 93.9% year-on-year, exceeding Wall Street experts’ predicted growth of 54.6%. Net profit increased by 47% year-on-year to 15.537 billion yuan, with a net profit margin of 22.6%.
The incremental income brought about by the rapid expansion of Pinduoduo’s overseas edition, Temu, made a significant contribution to Pinduoduo’s impressive Q3 performance. Temu became this year’s “Black Friday” biggest winner in the U.S. e-commerce market, with platform sales surpassing competitors like Shein, and closing in on traditional giants like Amazon.
Temu’s total number of downloads from Google and Apple app stores worldwide surged from 6.92 million at the end of 2022 to nearly 32 million by the end of May 2023, an increase of about 4 times. The cumulative increase in downloads also led to a monthly increase in transaction volume. The monthly merchandise transaction volume on the Temu platform increased from $3 million in September 2022 to $400 million (single month) in April 2023, an increase of more than a hundred times.
Chinese netizens are very excited about the success of Chinese enterprises overseas, viewing it as a triumph for Chinese business and the Chinese economy.
China and Jordan Sign a Memorandum of Understanding for Cooperation on the “Belt and Road” Initiative
On November 29th, Chen Chuandong, the Chinese Ambassador to Jordan, and Zaina Touqan, Jordan’s Minister of Planning and International Cooperation, representing their respective governments, signed a Memorandum of Understanding (MoU) in Amman on jointly promoting the “Belt and Road” Initiative.
Ambassador Chen stated that this year marks the 10th anniversary of the “Belt and Road” Initiative. China and Jordan are natural partners in the “Belt and Road” Initiative and close allies in modernization. The signing of the MoU will strengthen the strategic alignment between the “Belt and Road” Initiative and Jordan’s vision for economic modernization, promote policy coordination, infrastructure connectivity, trade facilitation, financial integration, and people-to-people bonds between the two countries. It will provide an action guide for deepening practical cooperation in various fields and better benefit the people of both countries.
Chinese netizens have great confidence in the Belt and Road Initiative, believing that China has contributed a model of peaceful development to the world. They look forward to the Belt and Road Initiative continuing to contribute to global development.
Xi Jinping Chairs Symposium on Yangtze River Delta Integration
On the morning of the 30th, Xi Jinping presided over a symposium in Shanghai on deeply advancing the integrated development of the Yangtze River Delta and delivered an important speech. He emphasized that it is crucial to deeply advance the integrated development of the Yangtze River Delta, further enhance innovative capabilities, industrial competitiveness, and development capacity, and take the lead in forming a new pattern of reform and opening up at a higher level.
The acceleration of Shanghai’s “five centers” construction and the comprehensive reform pilot in Pudong New Area should be prioritized, along with further enhancing the radiating capacity level of the Hongqiao International Open Hub. There should be a vigorous implementation of the Free Trade Zone enhancement strategy and the promotion of a higher level of openness in the Lingang new area of the Shanghai Free Trade Zone.
He also specifically emphasized strengthening industrial cooperation with the central and western regions to enhance the resilience and safety level of the industrial chain and supply chain.
Chinese netizens believe that these economic plans are crucial for overall economic development and the achievement of the goal of common prosperity.