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Alibaba squeezed by crackdown as JD.com and Pinduoduo pounce

Regulatory scrutiny and scandals put e-commerce leader on the ropes

JD.com's e-commerce business has boomed, though rising costs in its logistics business dragged down overall earnings.   © Reuters

SHANGHAI -- China's crackdown on Big Tech has shifted the balance in the country's e-commerce market, with JD.com and Pinduoduo continuing to thrive while industry leader Alibaba Group Holding bears the brunt of the damage, earnings releases show.

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