5 Best Chinese Stocks to Buy Now

2. Pinduoduo Inc. (NASDAQ:PDD)

Number of Hedge Fund Shareholders: 62

Unlike most of the stocks on this list, Chinese e-commerce company Pinduoduo Inc. (NASDAQ:PDD) has been rising in popularity among the smart money in recent quarters and hit an all-time high in hedge fund ownership during the first quarter of this year. Kerr Neilsen’s Platinum Asset Management and Daniel Gold’s QVT Financial added PDD to their 13F portfolios during Q1.

Pinduoduo Inc. (NASDAQ:PDD) has had a rough spring on the stock market, losing 28% of its value since the end of February. In March, the company’s app was removed from the Google Play Store after Alphabet found malware lurking in some versions of the app. The app for Pinduoduo’s Temu, which is the international expansion arm of the company, is still available.

Those concerns aside, Pinduoduo Inc. (NASDAQ:PDD) also missed top-line estimates with its latest earnings report, though revenue nonetheless grew by an impressive 46% year-over-year to $5.77 billion. Temu is in the midst of a push into the U.S. (you’ve probably seen some of its ads) and the e-commerce platform has been gaining some traction thanks to its rock-bottom prices and host of other customer-friendly policies. Temu was the most downloaded app in the United States from late-February to late-March, with 10 million downloads.