PDD Holdings Inc. (PDD, Financial) is arguably one of the most attractive Chinese e-commerce investment on the market right now. Its distinct business model that cuts out intermediaries allows it to offer cost-competitive products. While it has faced quality control challenges and there are pressures from instability in the broader Chinese macro economy, the investment is still unmistakably attractive due to its high growth rates but lower valuation multiples than many of its peers. Operational analysisThe ...