PDD Holdings runs two of the most disruptive forces in global e-commerce. Pinduoduo grew into one of China's largest shopping platforms by gamifying group buying and courting value-focused shoppers in smaller cities. Temu exported that ultra-low-price playbook internationally, shipping goods directly from Chinese factories to Western consumers. The model favors extreme operational efficiency and marketing blitzes over warehouses and delivery fleets. Margins in the Chinese business fund Temu's aggressive expansion.