Alibaba Faces Pressure as PDD Rises in Market Value

Jack Ma Urges Company to 'Correct Course' Amid Competitive Landscape

Alibaba's market value briefly fell below that of eight-year-old competitor PDD, marking a significant shift in China's e-commerce landscape.
Alibaba co-founder Jack Ma has urged the company to 'correct course' and regain momentum, acknowledging the competitive pressure from PDD.
PDD's growth has been driven by aggressive global expansion and the success of its US shopping app, Temu.
Alibaba has faced internal and external turbulence, including a weaker-than-anticipated Chinese economic recovery and a sweeping restructuring plan.
Despite the challenges, Ma remains confident in Alibaba's ability to adapt and change, stating that 'all great companies are born in a winter.'