5 Best Stocks to Invest In According to Chinese Billionaire Lei Zhang

2. Pinduoduo Inc. (NASDAQ: PDD)

Zhang’s Stake Value: $876,708,000
Percentage of Lei Zhang’s 13F Portfolio: 9.02%
Number of Hedge Fund Holders: 49

Pinduoduo Inc. (NASDAQ: PDD) provides an e-commerce platform in the People’s Republic of China through its subsidiaries. The company was founded in 2015 and ranks second on the list of 10 best stocks to invest in according to Chinese billionaire Lei Zhang. Pinduoduo Inc. (NASDAQ: PDD) currently has a $101.47 billion market capitalization.

On August 6, China Renaissance analyst Charlie Chen upgraded Pinduoduo Inc. (NASDAQ: PDD) to “Buy” from “Hold” with a price target of $150. On May 26, Pinduoduo Inc. (NASDAQ: PDD) posted earnings for the first quarter of 2021. It declared earnings per share of -$0.23, beating the estimates by $0.15.

The hedge fund managed by Lei Zhang owns 6.90 million shares in Pinduoduo Inc. (NASDAQ: PDD), worth over $876 million, representing close to 9.02% of their portfolio. Pinduoduo Inc. (NASDAQ: PDD) saw a decrease in hedge fund sentiment recently. The number of hedge fund positions declined to 49 in the second quarter compared to 56 positions in the previous quarter.

Baillie Gifford, in its second-quarter 2021 investor letter, mentioned Pinduoduo Inc. (NASDAQ: PDD). Here is what the fund said:

“As many countries enjoy a relaxation of Covid restrictions, Mr Market is focussed on short-term beneficiaries of ‘the pleasure after the plague’. There are

 interesting parallels with the Roaring 20s here, but to our minds, they extend beyond post-pandemic hedonism. Much of the new wealth created in the 1920s was patchily distributed and accompanied by a pervasive sense that the older generation had let down younger people. In 1920, John F. Carter, an irate 23-year-old wrote “the older generation had certainly pretty well ruined this world before passing it on to us. We have been forced to live in an atmosphere of ‘tomorrow we die,’ and so, naturally, we drank and were merry.…” (Click here to see the full text)