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Alibaba is on the brink of losing its crown as China’s most valuable e-commerce company.
PDD Holdings, the parent company of hugely popular online retailer Temu, is now worth $185 billion. The company reported bumper earnings this week, leading to an 18% jump in its stock price. Its shares are up more than 70% this year.
Alibaba’s stock price has gone in the other direction. At its peak in October 2020, the Chinese tech giant was valued at more than $850 billion, before a slump that was partly the result of a tech crackdown in China. Its Hong Kong-listed shares fell 2.2% on Wednesday, giving it a valuation of around $191 billion.
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