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, JD.com, 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 (runhuazhao@caixin.com)