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China tech

Pinduoduo smashes estimates, infiltrating Alibaba's urban hold

Revenue nearly triples as active users surpass bigger

NEW YORK -- Nasdaq-listed Chinese e-commerce company Pinduoduo on Wednesday surprised Wall Street with strong quarterly results, with its foray into to urban areas paying off as sales rose.

The four-year-old company grew to its current scale in the shadow of Alibaba Group Holding and by serving shoppers in rural areas and smaller cities -- then a relatively untapped consumer base for e-commerce. Now, it is making a move upmarket.

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