PDD - Alibaba's Ecosystem Is Proving Its Mettle Defying Immense Headwinds

• Investors continued to take profit off stocks that had seen a good run-up year-to-date and redeployed some proceeds into energy and materials names as well as reopening trades.
• Chinese equities were particularly hard-hit amidst the fanning of the flames of U.S.-China political tensions and a pending increase in stamp duty on stock trades in Hong Kong.
• The "stay in place" directive imposed by the government resulted in a surprising boom in gifting, facilitated by e-commerce platforms and their formidable logistics units.
• Alibaba Group's offline operations also sought to capture the retail dollars, with most outlets remaining open during the festive holiday.
• The collaborations with their suppliers demonstrate how Alibaba and the other e-commerce players are able to achieve ever-higher sales in a multi-faceted manner that ensures their success.

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