Geopolitical RisksGeopolitical risks with Temu’s US business, with US Congress potentially passing the TikTok divestment-or-ban bill.
Market CompetitionChanges in government regulations, intensifying market competition in e-commerce and CGB, and failure to retain existing users are potential risks.
Shareholder ReturnsConcerns of growing uncertainty about potential changes to US import tariffs, intensified competition, and absence of any shareholder return policy despite accumulating a cash balance of US$30bn.