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Online retailer Pinduoduo rivalling Alibaba in US stock market
Published on: 2023-11-30
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E-commerce platform Pinduoduo saw its US-listed shares rise by over 4 percent on Wednesday, continuing the previous day's upward trend. At one point it surpassed e-commerce giant Alibaba in market value, giving it the largest market capitalization among Chinese concept stocks.

The company's market capitalization reached as high as $192.3 billion during intraday trading, exceeding Alibaba's $191 billion in the US stock market.

It comes after Pinduoduo released its third quarter financial report on Tuesday, showing that its performance exceeded expectations amid the robust domestic consumption recovery. The company made revenue of 68.84 billion yuan, a whopping increase of 93.9 percent year-on-year and nearly doubling from 35.5 billion yuan.

The company's third quarter revenue also rose sharply from the second quarter's 52.281 billion yuan, surpassing market expectations.



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