PDD(PDD) - 2022 Q4 - Annual Report

Table of Contents ● Changes in China's economic, political or social conditions or government policies could have a material adverse effect on our business and operations. PDD Holdings Inc. is a holding company with no operations of its own. We conduct our operations in China primarily through our subsidiaries, the VIE and its subsidiaries. As a result, although other means are available for us to obtain financing at the holding company level, PDD Holdings Inc.'s ability to pay dividends to the shareholders ...