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fast technology reported on september 2 that according to foreign media reports,pinduoduo holdings, listed in the united states, has a net cash reserve of us$38 billion (about rmb 270 billion), more than twice that of tesla, the next closest company.

at the same time, according to the latest financial report released by xiaomi, as of june 30, 2024, xiaomi's cash reserves were rmb 141 billion. a simple calculation shows that pinduoduo's cash reserves are nearly twice that of xiaomi.

pinduoduo has expanded rapidly in domestic and international markets in recent years, and its market value has soared accordingly. however, pinduoduo chose not to distribute dividends to investors or repurchase shares, but instead accumulated funds for future development and investment.

as a result, some investors believe that its hoarding of cash is a red flag, and they say pinduoduo's financial statements are opaque and communication is poor.

according to the second quarter financial report of 2024 released by pinduoduo as of june 30, pinduoduo achieved total revenue of 97.0595 billion yuan in the second quarter, an increase of 86% year-on-year.

operating profit reached 32.5645 billion yuan, a significant increase of 156% from 12.7188 billion yuan in the same period last year. calculated in accordance with non-u.s. generally accepted accounting principles, operating profit was 34.9873 billion yuan, a year-on-year increase of 139%.

in the subsequent earnings conference call, pinduoduo founder and ceo chen lei said,faced with fierce competition in multiple business lines and the current situation that the company as a whole is still in the investment stage, pinduoduo will not consider repurchases or dividends in the next few years.

in addition, chen lei also announced that pinduoduo is prepared to sacrifice some short-term profits in the future, including investing 10 billion yuan to support high-quality merchants, significantly reducing the transaction fees of these merchants, and continuously improving the platform's ecological construction.