PDD's current market capitalization is nearly $190 billion, compared to Alibaba's market capitalization of $185.8 billion, LSEG data showed.
PDD posted 94% growth in third-quarter revenue from a year earlier, far outpacing Alibaba's 9% growth during the same period.
Analysts say that consumers increasingly looking for bargains in the face of economic uncertainties have helped boost PDD's growth domestically and internationally.
"PDD's strong 3Q23 results imply both sustainable market share expansion of its domestic e-commerce business and strong growth momentum of ... Temu," they told clients.
PDD "remains a standout growth stock" amid a broader base economic slowdown in China, wrote The Benchmark Company in a Nov. 29 report.
Persons:
Morgan Stanley, PDD, Morgan Stanley Morgan Stanley, Eddy Wang, Kathy Zhu, Gary Yu, Temu's, Temu, Andre Chang, Alex Yao, Nancy Liu, Morningstar Morningstar, Chelsey Tam, Fawne Jiang, Long Lin
Organizations:
PDD Holdings, Investment, JPMorgan, Morningstar, Alibaba, PDD's Nasdaq, JPMorgan JPMorgan, China Internet, Morningstar Asia, Company
Locations:
China, 4Q23, U.S, Europe, Australia, New Zealand, Morningstar Morningstar Asia, Temu