Alibaba feels the heat as PDD catches up in U.S. market cap

Jack Ma urges 'sacrifices' from employees to help e-commerce king fend off rival

Alibaba, China's leading online retailer by market share, is starting to sweat as challenges from Pinduoduo and others pile up. (Source photos by AP and Reuters)

CISSY ZHOU, Nikkei staff writer

November 30, 2023 13:51 JST

HONG KONG -- For a brief moment on Wednesday, China's e-commerce king lost its crown as the most valuable Chinese company listed in the U.S.

Alibaba's market capitalization slipped behind that of Pinduoduo parent PDD Holdings after the latter reported strong earnings that helped push its New York-listed shares up 18%.