Rival ecommerce groups have been left scratching their heads. “I don’t know what they’re doing,” says one executive. “I don’t know what they’re trying to achieve.”

The PDD spokesperson said: “We are committed to investing in the future of agriculture and rural areas in China, and we believe that our efforts will help to drive the long-term growth of our business.”

The company’s financial statements offer little help. PDD’s balance sheet is a puzzle. It has $2.5bn of cash and equivalents, but $2.3bn of that is restricted, meaning it can’t be used to pay bills or invest in the business. It has $1.5bn of short-term debt, but $1.3bn of that is also restricted. It has $1.5bn of long-term debt, but $1.4bn of that is also restricted.

The company’s cash flow statement is also a puzzle. It shows that PDD generated $2.5bn of cash from operations in the first half of 2021, but spent $2.5bn on investing activities. The company’s net cash flow was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of goods sold. The company’s gross profit was zero.

The company’s income statement is also a puzzle. It shows that PDD generated $9.4bn of revenue in the first half of 2021, but spent $9.4bn on cost of