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  • Beijing Review

    E-Commerce Shakeup

    Dec 21, 2023 4 minutes

    On November 28, Nasdaq-listed PDD, the parent company of China’s budget shopping app Pinduoduo and its international version Temu, released its third-quarter report for this year, revealing a year-on-year earnings growth of 93.9 percent, far exceeding that of trailblazing market leader Alibaba at 4 percent. A post made by an Alibaba staff member in response to the report inspired widespread discussion online and, sensing an impending challenge to the company’s long-held dominance in e-commerce, founder Jack Ma broke his customary silence after his retirement from Alibaba with a rare internal message on November 28.

    The staff member’s post read: “At this moment, sleep eludes me… that once inconspicuous upstart is swiftly becoming the frontrunner. Though reluctant to share this downbeat

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