TECH - Temu's Growth Surge Makes Parent PDD Surpass Alibaba as China's Most Valuable E-Commerce Giant | Benzinga
PDD Holdings Inc (NASDAQ:PDD) and Alibaba Group Holding Limited (NYSE:BABA) have played pivotal roles in China’s e-commerce sector. PDD’s value-for-money strategy and the growth of its Temu marketplace have helped it surpass Alibaba in market value, making it the most valuable company in the segment.
PDD Holdings reported impressive first-quarter results, boosting its shares by 7.5% and raising its market capitalization to about $208 billion, compared to Alibaba’s $196 billion, CNBC reports.
PDD’s revenue more than doubled, and profit almost tripled yearly, getting a boost from domestic marketplace strength and international expansion of Temu.
Analysts attribute PDD’s success to its cost-effective approach and strong consumer ...