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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 also believe PDD's domestic platform will be able to defend its position given the strong consumer perception of its value-for-money positioning," Morningstar analyst Chelsey Tam said, adding that PDD comes up top in their preferences, while JD.com and Alibaba are in second and third spots respectively.

The upgrade comes"on the back of its adtech capabilities combined with China's cost-competitive suppliers/merchants /supply chains alongside favorable risk-reward, with the current market cap implying no valuation ascribed to Temu," Goldman Sachs analyst Ronald Keung said in the note.

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