Copying/$XIAOMI-W(01810.HK) distilling$KNOWLEDGE ATLAS(02513.HK)$MINIMAX-W(00100.HK) isn't just limited to this one Chinese concept stock, it's a common issue. Relying on a relatively closed market, the financial indicators are still passable, it's really not necessary to end up with a valuation that only accounts for the e-commerce part $PDD(PDD.US), proving once again that current financial statements are useless; you have to look forward.