Professional
Added to YB: 2026-08-31
Pitch date: 2026-08-27
PDD [neutral]
PDD Holdings Inc.
+0.56%
current return
Author Info
Hayden Capital is an investment firm that follows a research-intensive, concentrated strategy. We travel the world, seeking to invest in growing businesses run by world-class founders. Sign up for the newsletter.
Company Info
PDD Holdings Inc., a multinational commerce group that owns and operates a portfolio of businesses. The company operates Pinduoduo platform, which provides various product categories and interactive shopping experiences; and Temu, an online platform, which enables merchants to streamline their manufacturing and commercial operations.
Market Cap
$830.1B
Pitch Price
$85.21
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.71
P/E
9.37
EV/Sales
0.84
Sector
Broadline Retail
Category
growth
Hayden Capital Portfolio Holding: PDD Holdings Inc.
PDD (exited position): The Pinduoduo position was exited after ~3.5 years as the original thesis played out: revenue exceeded estimates by ~70%, 2025 net cash reached $58B versus a $56B forecast, and operating income met the ~$15B estimate despite Temu reinvestment. The remainder of the shares was sold over the past year at a ~$105 average, producing a ~24% annualized return; limited visibility into Pinmu and slowing Chinese ecommerce reduced conviction.
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