Bearstone

Bearstone

PDD Supplemental

Sizing Up the Field

Bear's avatar
Bear
Jul 07, 2026
∙ Paid

This is a supplemental to the PDD thesis, not a standalone piece. I want to take a look at JD, touch on Alibaba and Douyin along the way, land on a stance on JD specifically, and then determine whether any of this actually threatens PDD.

Please click here to read the main PDD article.

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