Top-Performing China Fund With 57% Gain Won Big With Bet on PDD
- Luxiu Lvjing Fund ranks in top 1% among peers, tracker says
- ‘PDD is actually China’s Amazon,’ fund manager Yun says
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A top-ranked China stock fund that made a wager earlier this year on PDD Holdings Inc. says the big gain after the Chinese e-commerce platform’s stellar earnings shows how much its stock was undervalued.
PDD surged 18% in US trading after reporting stronger-than-anticipated revenue as its hit shopping app Temu grabbed consumers from rivals Shein and Amazon.com Inc. That took its gain from a May low to more than 130%, pushing its market value to over $175 billion and nearly bridging its gap with China e-commerce giant Alibaba Group Holding Ltd.