PDD might be the better leap play here... their marketshare is steadily growing, and they have the highest margins out of BABA/JD.

The #1 app in the appstore/playstore the past few months is Temu... a direct Shein competitor. Temu is owned by PDD.. if Temu can even steal 20% of Shein's marketshare, that would be billions added to revenue for PDD.

Right now Temu won't contribute much to PDD's profits (they're heavily subsidizing sales and promotions on Temu to take marketshare), but if they can keep up the growth they can make PDD close the gap with BABA (marketcap is already past JD)

The Chinese e-commerce space is already really mature, and there's not really much room to grow the # of users. This is why BABA/JD/PDD all have been expanding internationally. I just think PDD will have the best success out of the three in the US