Alibaba's Market Value Falls Below PDD Holdings as Shares Plunge 75%

Company withdraws cloud unit's IPO amid internal issues, plans to list logistics and grocery store chain despite challenging market.

Alibaba's shares have plummeted 75% from its 2020 high, with its U.S. market value now below that of competitor PDD Holdings.
Alibaba withdrew plans for a public listing of its cloud computing unit in 2023, signaling deeper internal issues.
Despite facing a challenging IPO market, Alibaba plans to list its Cainiao logistics and Freshippo grocery store chain.
Alibaba's Taobao and JD.com have implemented a 'refund only' policy, mirroring Pinduoduo's strategy, but raising concerns among sellers about potential abuse.
Alibaba's cloud business, once the largest in China's market, faces increasing competition from Huawei and Tencent.