The Chinese ecommerce group behind Temu, whose stock plunged this week after it ruled out investor payouts, has accumulated the largest cash pile of any listed company that does not pay a dividend or buy back shares
US-listed PDD Holdings is sitting on a $38bn net cash position, according to FT analysis, more than twice the size of the nearest contender, Elon Musk’s Tesla.
While PDD has soared in value as it expanded from China to at least 49 markets in the past two years, its hoarding of cash is regarded as a “red flag” by some investors, who say its financial statements are opaque and its communications sparse.
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