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How Temu parent PDD dethroned Alibaba to become China's most valuable e-commerce company

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PDD Holdings reported stellar first-quarter results last week, sending its shares surging and driving its market-cap past that of rival Alibaba Group.

PDD's value-for-money positioning and growth of its Temu marketplace has helped the tech giant lead China's e-commerce arena, analysts said.

PDD's net income attributable to ordinary shareholders in the March quarter surged 246%, while that of Alibaba plunged 86%. "We think Temu's profitability will improve faster than previously estimated due to its introduction of the half consignment model, under which logistics costs will be borne by merchants," Morningstar said in a

Goldman Sachs on Friday raised PDD's rating to "buy" from "neutral," noting the firm's continued growth momentum in advertising revenue in the first quarter as well as Temu's potential.

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