Alibaba's Value Slips as PDD Emerges as a Competitor

Alibaba Group Holding Ltd., once China's most valuable e-commerce firm, is set to lose its top position to eight-year-old upstart PDD Holdings Inc. as its market value dips below PDD's. This shift reflects the turmoil Alibaba has faced since Beijing targeted the company and its co-founder, Jack Ma, in a crackdown on the tech sector. PDD's success can be attributed to its aggressive global expansion and the popularity of its hit shopping app, Temu. Alibaba, on the other hand, has struggled with internal and external challenges, including a weaker-than-expected Chinese economic recovery.