As we all know, Chinese stocks listed on the Nasdaq in the U.S., represented by PDD, are issued in the form of ADS (American Depositary Shares). The entity registered with the U.S. SEC is a company incorporated in the Cayman Islands, while the actual business operations in mainland China are controlled and run through a VIE structure. This is the standard setup for Chinese internet companies going public in the U.S. This structure has certain impacts on dividend payouts, mainly due to regulatory restrictions in China. Currently, PDD has never distributed cash dividends and has no plans to do so in the foreseeable future. In my opinion, buying Chinese stocks on the U.S. market is worse than buying Hong Kong stocks via the Shanghai-Hong Kong Stock Connect... Even though both are pretty weak options, diversifying investments and ending up with some beaten-down assets in every market seems normal. Chinese stocks are basically in a situation where Chinese people can’t buy them, and Americans aren’t interested in buying them...