Core Viewpoint - Nomura's research indicates that Pinduoduo's (PDD.US) overseas business may have recovered, particularly through its Temu platform's strategic adjustments and expansion efforts [1] Group 1: Business Strategy - Following the U.S. government's termination of the small exemption in May, Temu has altered its strategy by increasing recruitment of local sellers in the U.S. [1] - Temu is also rapidly expanding into markets outside the U.S., contributing to its business recovery [1] Group 2: Analyst Rating - Nomura maintains a neutral rating on Pinduoduo's ADR with a target price set at $136 [1]