PDD Holdings runs the online marketplace Pinduoduo in China, where shoppers often get lower prices by ordering together, and the international platform Temu. The group is based in Ireland; the business started in Shanghai. Traded here as a US depositary receipt. As of Oct 16, 2026
The internationally active commerce group PDD operates several online platforms. Its customers are third-party merchants that offer their goods through these platforms. Revenue comes from fees for completed transactions and from advertising services, for example paid placements in search results. The Pinduoduo platform, founded in 2015, offers affordable goods and lower prices for users who team up. Temu was founded in Boston in September 2022 and serves consumers in the United States, Japan and Germany, among other countries. According to the report, its main operating company is the consolidated affiliated entity Shanghai Xunmeng, which provides the platform to merchants and holds Chinese licenses for value-added telecommunications services.
Automatically summarized from SEC annual report (20-F, filed Apr 29, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026
Our own calculation from the exchange’s daily candles, as of Oct 26, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
In the buy zone
The price is in the pullback area after the last rise – the area our Elliott rule watches as the buy zone.
As of: Close of the 4-hour candle Oct 27, 2026, 14:30 · Buy zone in the trade plan · An observation, not investment advice
Rule (4-hour candles) Zone valid since Oct 21, 2026 · last changed on Oct 22, 2026 Zone historyThe zone history shows since when a buy zone has applied, when it was adjusted and when the price touched or left it. Recording began on Oct 12, 2026, only runs forward and fills nothing in – older zones are marked “known at start of recording” or “already existing when added”.Example: New buy zone on Oct 14, no adjustment since → “zone valid since Oct 14, 2026 · unchanged since”.More in the Academy: Lesson buy zone and Fibonacci
Watcher Full history: every change of the buy zone with its date.
Weekly candles (1W) Already existing when added to the recording (added in the Week from Oct 12, 2026) · Setup confirmed on Sep 8, 2026 · unchanged since it was added Zone historyThe zone history shows since when a buy zone has applied, when it was adjusted and when the price touched or left it. Recording began on Oct 12, 2026, only runs forward and fills nothing in – older zones are marked “known at start of recording” or “already existing when added”.Example: New buy zone on Oct 14, no adjustment since → “zone valid since Oct 14, 2026 · unchanged since”.More in the Academy: Lesson buy zone and Fibonacci
Watcher Full history: every change of the buy zone with its date.
Timeframe 1 week · As of Oct 23, 2026 · display only, the rule works on 4-hour candles
Elliott count: no count that follows the rules on this timeframe.
Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.
Automated analysis (rule-based): the rule calculates waves and Fibonacci levels from the completed weekly candles; the chart is recalculated every day. Not investment advice. On this timeframe the chart only shows the rule setup (swing detection 2 × ATR) – the rule itself works on 4-hour candles. Axis and values: distance from the top of the buy zone in %, no prices. Fibonacci measured logarithmically (weekly candles).
On phones the drawing toolbar is hidden – drawing works better on a desktop.
Timeframe 1 day · As of Oct 26, 2026 · display only, the rule works on 4-hour candles
Elliott count: Nested combination, Corrective pattern (downward), Z in progress (2 of 3 guidelines) · X = 87% of W; Y = 180% of W; X = 53% of Y; Z = 36% of W–Y
provisional count The inner sub-waves cannot be seen on this timeframe – the hard Elliott rules are met, the internal structure remains open. Provisional – check the count yourself on the chart.
Comparison: The rule treats the last rise as the possible start of an upward impulse (without checking its history and structure). The Elliott count reads it as countermove X in a correction.
Note: Nested: leg Y is itself a combination, its X is 24.0% (at most 88.7%).
Note: Structure ambiguous: leg Y can also be read as three- or five-part.
Note: Structure open: leg W cannot be broken down into sub-waves on this timeframe – provisional, check the count yourself on the chart.
Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.
Automated analysis (rule-based): the rule calculates waves and Fibonacci levels from the completed daily candles; the chart is recalculated every day. Not investment advice. On this timeframe the chart only shows the rule setup (swing detection 3 × ATR) – the rule itself works on 4-hour candles. Axis and values: distance from the top of the buy zone in %, no prices.
On phones the drawing toolbar is hidden – drawing works better on a desktop.
Timeframe 4 hours · As of Oct 27, 2026
Elliott count: Nested combination, Corrective pattern (downward), Z in progress (2 of 3 guidelines) · X = 87% of W; Y = 180% of W; X = 53% of Y; Z = 36% of W–Y
Comparison: The rule treats the last rise as the possible start of an upward impulse (without checking its history and structure). The Elliott count reads it as countermove X in a correction.
Note: Nested: leg Y is itself a combination, its X is 24.0% (at most 88.7%).
Note: Structure ambiguous: leg X, Y can also be read as three- or five-part.
Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.
Automated analysis (rule-based): the rule calculates waves and Fibonacci levels from the completed 4-hour candles; the chart is recalculated every hour. Not investment advice. Axis and values: distance from the top of the buy zone in %, no prices.
On phones the drawing toolbar is hidden – drawing works better on a desktop.
Timeframe 1 hour · As of Oct 27, 2026 · display only, the rule works on 4-hour candles
Elliott count: Flat (type known only after C), Corrective pattern (downward), C in progress (2 of 3 guidelines) · B = 152% of A; C = 109% of A
Comparison: The rule treats the last rise as the possible start of an upward impulse (without checking its history and structure). The Elliott count reads it as countermove B in a correction.
Note: Flat type (regular, expanded, running) can only be decided once C is complete.
Note: Structure ambiguous: leg A, B can also be read as three- or five-part.
Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.
Automated analysis (rule-based): the rule calculates waves and Fibonacci levels from the completed hourly candles; the chart is recalculated every hour. Not investment advice. On this timeframe the chart only shows the rule setup (swing detection 4 × ATR) – the rule itself works on 4-hour candles. Axis and values: distance from the top of the buy zone in %, no prices.
On phones the drawing toolbar is hidden – drawing works better on a desktop.
Timeframe 1 week · As of Oct 23, 2026 · from the Elliott count in the analysis chart
Weighting by guidelines met – not a probability.
Currently no wave count that follows the rules on weekly candles – so no scenarios.
Timeframe 1 day · As of Oct 26, 2026 · from the Elliott count in the analysis chart
Weighting Main scenario (2 of 3 guidelines, medium) · no alternative Guidelines (strength of the count)Guidelines are typical features of a count, such as usual Fibonacci lengths or a change in the form of correction. Strong means: at least three quarters met, medium: at least half, otherwise weak. Even a strong count can flip.Example: 3 of 3 guidelines → strong; 2 of 4 → medium; 1 of 3 → weak.More in the Academy: Lesson wave degrees
Weighting by guidelines met – not a probability.
provisional count The inner sub-waves cannot be seen on this timeframe – the hard Elliott rules are met, the internal structure remains open. Provisional – check the count yourself on the chart. No visible sub-waves in: W.
As long as the daily close stays below the end of the second X, this applies: complex countermove downward (Nested combination), Z in progress – count points to falling prices.
Invalid if the daily close is above the end of the second X (+7.2% from the top of the zone)
If that breaks, this count no longer applies. Currently no alternative that follows the rules.
Timeframe 4 hours · As of Oct 27, 2026 · from the Elliott count in the analysis chart
Weighting Main scenario (2 of 3 guidelines, medium) · no alternative Guidelines (strength of the count)Guidelines are typical features of a count, such as usual Fibonacci lengths or a change in the form of correction. Strong means: at least three quarters met, medium: at least half, otherwise weak. Even a strong count can flip.Example: 3 of 3 guidelines → strong; 2 of 4 → medium; 1 of 3 → weak.More in the Academy: Lesson wave degrees
Weighting by guidelines met – not a probability.
As long as the 4-hour close stays below the end of the second X, this applies: complex countermove downward (Nested combination), Z in progress – count points to falling prices.
Invalid if the 4-hour close is above the end of the second X (+7.2% from the top of the zone)
If that breaks, this count no longer applies. Currently no alternative that follows the rules.
Timeframe 1 hour · As of Oct 27, 2026 · from the Elliott count in the analysis chart
Weighting Main scenario (2 of 3 guidelines, medium) · no alternative Guidelines (strength of the count)Guidelines are typical features of a count, such as usual Fibonacci lengths or a change in the form of correction. Strong means: at least three quarters met, medium: at least half, otherwise weak. Even a strong count can flip.Example: 3 of 3 guidelines → strong; 2 of 4 → medium; 1 of 3 → weak.More in the Academy: Lesson wave degrees
Weighting by guidelines met – not a probability.
As long as the hourly close stays below the end of B, this applies: flat countermove downward in three waves (Flat, type known only after C), C in progress – count points to falling prices.
Invalid if the hourly close is above the end of B (+7.2% from the top of the zone)
If that breaks, this count no longer applies. Currently no alternative that follows the rules.
The price pulled back into the buy zone (0 to −2.0% from its top) and last closed in the zone. Rule trigger: after the touch a swing high forms, and a daily close is above it. If the price closes below the start of wave 1 (−4.5%), the setup is void. All percentages: distance from the top of the buy zone.
In the TradingView chart: Draw the buy zone in the chart with the Fibonacci tool (instructions next to the wave chart) or as two horizontal lines (tool “Horizontal Line”). If the price closes below the start of wave 1 (−4.5%), the setup is void – without an entry of the rule.
Exit with a gain
Buy zone – Rule trigger: candle close above the swing high
Exit at a loss
Watcher Target 1, Target 2 and stop for this zone – with distance in percent and reward/risk – are available from Watcher. Plans and pricing Percentages from the top of the buy zone (61.8%) – not a forecast.
Rule-based, long only, 4-hour candles. Not a forecast and not investment advice. Lesson: the buy zone in 4 minutes
PDD Holdings · amounts in CNY
Information only – does not affect our buy zones, not investment advice. Source: SEC filings, As of Apr 29, 2026.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
No reported values for “Earnings per share” in this interval.
No reported values for “Dividend per share” in this interval.
No reported values for “Dividend per share” in this interval.
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 431.8B CNY · Net income 97.8B CNY · Net margin 22.7%
Each light follows a simple, disclosed rule. This symbol has no sector assignment – lights with a sector comparison stay gray or use only the basic rule.
+48.7% per year, last 5 years
What does this mean? Revenue: over 5 years it grew by 48.7% per year on average. Comparable values for a sector comparison are missing.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
– per year, last 5 years
per share: not computable (loss in the first or last year)
What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
22.7% last fiscal year
What does this mean? Of every 100 CNY in revenue, 22.66 CNY remained as profit. Comparable values for a sector comparison are missing.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
– latest balance sheet
What does this mean? No usable figure: reported financial debt or positive equity for the same balance sheet date is missing.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
– Dividend / earnings per share
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
5 of 10 fiscal years with a profit
What does this mean? In 5 of the last 10 fiscal years the bottom line showed a profit. 5 years ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 431.8B | 97.8B | 22.7% | 16.50 | – | – |
| 2024 | Dec 31, 2024 | 393.8B | 112.4B | 28.5% | 19.00 | – | – |
| 2023 | Dec 31, 2023 | 247.6B | 60.0B | 24.2% | 10.29 | – | – |
| 2022 | Dec 31, 2022 | 130.6B | 31.5B | 24.2% | 5.48 | – | – |
| 2021 | Dec 31, 2021 | 93.9B | 7.8B | 8.3% | 1.36 | – | – |
| 2020 | Dec 31, 2020 | 59.5B | −7.2B | −12.1% | −1.51 | – | – |
| 2019 | Dec 31, 2019 | 30.1B | −7.0B | −23.1% | −1.51 | – | – |
| 2018 | Dec 31, 2018 | 13.1B | −10.2B | −77.9% | −3.47 | – | – |
| 2017 | Dec 31, 2017 | 1.7B | −525.1M | −30.1% | −0.28 | – | – |
| 2016 | Dec 31, 2016 | 504.9M | −292.0M | −57.8% | −0.18 | – | – |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q4/20* | Dec 31, 2020 | 26.5B | −1.4B | −5.2% | – | – | – |
| Q4/19* | Dec 31, 2019 | 10.8B | −1.8B | −16.2% | – | – | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $140.2K1 person | −$140.2K |
| 6 months | $00 people | $140.2K1 person | −$140.2K |
| 12 months | $00 people | $348.3K2 people | −$348.3K |
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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