$Alibaba (BABA.US)$$PDD Holdings (PDD.US)$ Should you price ...

Should you price by value, growth or cycle? The penetration rate of e-commerce B2C in China is already very high, and the industry lacks growth. Income and profit may fluctuate together with macro data. It may be appropriate investment opportunity when BABA's P/E ratio reaches hundreds or negative, but BABA is the most promising one for e-commerce stocks. Maybe pairing trading BABA and PDD is a good strategy, but the volatility of BABA and PDD is too high and the leverage of pairing trading is too low. Maybe customizing the Asian option BABA and PDD spread is more operable.