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

20231130 PDD Alibaba

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

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.

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