$PDD Holdings Inc(PDD)$ At the core, both $MEITUAN-W(03690)$ and Pinduoduo grow by pleasing consumers，but their business nature differs significantly. Pinduoduo rides on China’s e-commerce boom. As consumption upgrades, people, people, especially women, are ordering more and more online, even if some items are used only once or not at all. Meituan, on the other hand, operates in a fixed-demand market. No matter how rich or convenient life gets, you’re not going to eat 30 meals a day. It’s a battle for efficiency in a zero-sum game. That’s why Meituan arguably causes much more disruption to traditional offline businesses than Pinduoduo does.
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