Alibaba’s Value Dips Below Upstart PDD’s in Landmark for China

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The mascot for Alibaba’s Taobao e-commerce platform stands outside a company-affiliated hotel on Nov. 14 in Hangzhou, East China’s Zhejiang province. Source: Bloomberg

(Bloomberg) — Alibaba Group Holding Ltd. is set to lose its position as China’s most valuable e-commerce firm to 8-year-old upstart, a watershed moment for an internet industry that Jack Ma’s iconic firm dominated for more than a decade.

Alibaba slid as much as 1.4% in Hong Kong, putting its market value at about HK$1.46 trillion ($187 billion) and on track to close below U.S.-listed PDD Holdings Inc.’s $188.3 billion, according to Bloomberg calculations. PDD, the company best known for hit U.S. shopping app Temu and domestic bargains trailblazer Pinduoduo, closed nearly 2% higher in New York on Wednesday.