Temu’s parent company has more cash than Tesla of all public companies that don’t pay investors

PDD Holdings, the parent company of Chinese e-commerce giants Temu and Pinduoduo, has the distinction of having the largest net cash position among public companies that do not pay dividends or buy back shares, according to an analysis by Financial Times.

The total cash holdings are $38 billion, more than twice those of Tesla, which was the second-largest company of its kind.

Looking at the MSCI Investment Market Index, FT Identified five companies that neither pay dividends nor engage in share repurchases, among 151 companies with net cash holdings exceeding $5 billion.

After PDD and Tesla, the other companies included Chinese electric vehicle company Li Auto, European payments group Adyen and electric turbine maker GE Vernova, which was spun off from GE earlier this year.

As the report notes, while PDD is sticking to cash, other publicly traded Chinese companies such as JD and Meituan have recently announced share buybacks.

PDD did not immediately respond to a request for comment. But in a statement to FTThe company has denied suggestions that the lack of buybacks raises questions about its accounting or balance sheet.

“Each company makes decisions based on its unique circumstances and strategic considerations. To suggest there is a ‘red flag’ just because Company A does not take the same approach as Company B is, quite frankly, absurd,” PDD said.

PDD surprised Wall Street on Monday with weak quarterly results and a warning that intense competition would drag down future profits.

Shares fell more than 30%, wiping out $50 billion in PDD’s market value and ending founder Colin Huang’s brief reign as China’s richest man.

Ahead of the earnings report, a Council on Foreign Relations researcher pointed to China’s cutthroat e-commerce sector as a symptom of Beijing’s economic policies that lead to chronic overproduction.

This story was originally published on Fortune.com