Temu owner PDD builds $38bn cash pile as it denies investors payouts

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The story "Temu owner PDD builds $38bn cash pile as it denies investors payouts" was covered 13 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 13h ago

Temu owner PDD builds $38bn cash pile as it denies investors payouts - Financial Times

Quick Summary:

A spokesperson added that PDD encouraged investors with specific concerns to reach out to the company, and drew the FT’s attention to a letter to shareholders published in its 2018 prospectus.

In MSCI’s Investable Market Index, composed of about 2,800 constituents from 47 countries, there were 151 companies with more than $5bn of net cash on their balance sheet as of Wednesday, according to Bloomberg.

Two hedge fund investors with positions in other ecommerce stocks but not PDD both said they considered its lack of share buybacks a “red flag” that could signify potential issues with accounting or the quality of balance sheet assets.