5 Best Stocks to Buy According to Billionaire Zhang Lei

2. Pinduoduo Inc. (NASDAQ: PDD)

Number of Hedge Fund Holders: 56

Pinduoduo Inc. provides the Chinese public with an e-commerce mobile platform that offers a wide range of goods. The products on Pinduoduo Inc.’s platform include everything from apparel, accessories, and electronic appliances to fresh fruits and vegetables. Pinduoduo Inc. was renamed in 2018 from Walnut Street Group Holding Limited, and has its headquarters in Shanghai, China.

Zhang Lei’s firm Hillhouse Capital Management, Ltd. owns 13.52% of Pinduoduo Inc. as it holds 10,222,922 shares which are valued at a total of $1,368,645,000.

Tao Value, in its Q1 2021 investor letter, mentioned Pinduoduo Inc. (NASDAQ: PDD). Here is what Tao Value has to say about Pinduoduo Inc. in its letter:

“Pinduoduo reported a strong quarter, reporting MAU of 720 million, now surpassing Taobao. However, it was overshadowed by a bigger news on Colin Huang resigning from Board and completely disassociating himself from PDD’s management & operation. Huang explained in his letter to shareholders that he would start fundamental research initiatives in food science. Although not entirely shocked (as he already stepped down from CEO July 2020), I am surprised by the fast pace of such transition. I remain confident in the organization and the culture Huang built but will monitor it closely.”