Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

WeRide to Test Fully Autonomous Vehicles in Guangzhou
Trending in China: Why Are Chinese Netizens Saying Kanye West Could be ‘China’s First’ U.S. President?
Trending in China: Will Weibo’s Fight Against Porn Have Other Unintended Side Effects
Tencent Leads $40 Million Investment in Online Art Educator
Alibaba Aims to Facilitate $1.4 Trillion in Sales Annually By 2024
Trending in China: Death of Giant Panda Cubs Sparks Concerns About Treatment of ‘National Treasure’
China CFO of Indian Oyo Quits to ‘Pursue Other Professional Opportunities’
Sequoia Capital Opens Its First Tech Incubation Center in Shanghai
Some 266 Foreign-Invested Firms Approved to Offer Telecom Services in China in First Half of 2020
Trending in China: Should Internet Celebrities Be Part of the School Curriculum?
Sequoia China Leads Nearly $100m Round in Storytelling App Kuaidian
Medical Robot Maker Finds Elixir in STAR Board’s Market Reforms
Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Group Discounter Pinduoduo is Now Worth More Than Baidu

By Zhao Runhua and Mo Yelin / Aug 30, 2019 11:55 AM / Business & Tech

Photo: VCG

Photo: VCG

E-commerce upstart Pinduoduo has replaced Baidu as China’s fifth-largest listed internet company.

Pinduoduo’s market cap reached $39.1 billion on Thursday, surpassing Baidu’s $36.5 billion.

While Alibaba and Tencent’s positions as China’s two most valuable listed internet companies remain stable, firms like Baidu, Meituan Dianping,, and Netease have moved up and down the rankings amid intense tech industry competition.

Tencent-backed Pinduoduo debuted on the Nasdaq in July 2018 at the top of its IPO price range. Its share price has risen nearly 90% in a year.

Pinduoduo’s shares have risen over 10% since Aug. 21 when the company reported a 169% increase in second quarter revenues to 7.3 billion yuan ($1.1 billion) from a year ago. The budget online retailer also narrowed its net loss during this period from 6.5 billion yuan last year to 1 billion yuan.

In the year since its IPO, Pinduoduo has ramped up efforts to expand into bigger Chinese cities from its original focus on lower-tier cities.

Read our full story today at Caixin Global.

Contact reporter Zhao Runhua (

Share this article
Open WeChat and scan the QR code