Jun. 26 at 3:24 PM
$BABA $PDD $CWEB
Covered both - BABA has resistance at 95, Added some PDD longs and some CWEB calls. All short term nothing has structurally changed for either (they are still in negative gamma) and can be slapped around in the US markets. HK trading has no agency.
PDD has some governance issues, sitting on an unhealthy pile of cash with a 15+% Free cash flow yield. That said not too many companies can boast that sort of a FCF yield while sitting on a huge pile of cash.