Alibaba’s Value Slips Below PDD’s in Landmark for China
- Alibaba value dips below PDD’s for the first time in Hong Kong
- Investors are betting on PDD as Alibaba’s growth stalls
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Alibaba Group Holding Ltd. lost its position as China’s most valuable e-commerce firm to eight-year-old upstart PDD, a watershed moment for an internet industry that Jack Ma’s iconic firm dominated for more than a decade.
PDD Holdings Inc., the company best known for hit shopping app Temu and domestic bargains trailblazer Pinduoduo, rose 4% in US trading Thursday, pinning its market value at almost $196 billion. That outstripped Alibaba’s roughly $190 billion at the close in New York.