PDD Holdings: Stock Price Unjustified As It Lacks A Competitive Moat

ArtistGNDphotography PDD Holdings (NASDAQ:PDD) has recently been touted by many analysts as a strong buy, which is odd, as if they completely forgot about the spectacular fall in the stock price of Alibaba (BABA) (which operates in the same field) which now has a market cap similar to PDD. Those who have followed US-listed Chinese stocks in the past decade may recall that, more often than not, we have seen stellar stock price performance after a few quarters of business growth just to disappear in the other direction just as swiftly, which reminds me of a line from Taylor Swift:…