Pinduoduo has become the new leader of Chinese concept stocks, and various institutions have repeatedly increased their investment. Recently, the leader of Chinese concept stocks has changed ownership. As of the closing of the US stock market on December 8th, Pinduoduo's market value reached $184.620 billion, surpassing Alibaba's by nearly $1.2 billion. In addition to benefiting from its own development strategy and overseas growth curve, Pinduoduo's surge also relies on the financial support of domestic private equity and foreign giants. Pinduoduo has already become the main stronghold for these institutions: in the third quarter of this year, Pinduoduo surpassed Alibaba to become the top Chinese heavy holdings of overseas funds. Institutions generally believe that Pinduoduo's overseas business, Temu, will become the main focus of various institutions.