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PDD’s magic money machine keeps turning

Yet the Temu-owner continues to hoard every cent

US-listed Chinese online-shopping phenomenon PDD released another almost miraculous set of financial results today, which showed the Temu owner’s cash pile grew by $16bn last year to $76bn.

The amount likely to be shared with its patient investors through dividends or buybacks remains the same: zero.

Shareholders also got a similar amount of useful commentary to buttress their understanding of the bare figures. A sample from the release:

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