Geopolitical RisksGeopolitical risks with Temu’s US business, with US Congress potentially passing the TikTok divestment-or-ban bill.
Investor ConcernsConcerns 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.
Market CompetitionChanges in government regulations, intensifying market competition in e-commerce and CGB, and failure to retain existing users are potential risks.