Pinduoduo Overtakes Alibaba to Become China's Largest E-Commerce Company
March 17 2021 - 6:25AM
Dow Jones News
By Keith Zhai
SINGAPORE--Chinese e-commerce company Pinduoduo Inc. has
overtaken Alibaba Group Holding Ltd. to become the country's
largest e-commerce company by annual active buyers, according to
figures Pinduoduo released on Wednesday.
Pinduoduo also said its founder and chairman, Colin Huang,
stepped down from the company on Wednesday to pursue personal
interests in life sciences.
In 2020, Pinduoduo had 788.4 million annual active buyers, users
who bought at least one item last year, up 35% from a year earlier.
It marked the first time Shanghai-based Pinduoduo exceeded
Alibaba's 779 million annual active buyers.
The company released its October-December results Wednesday.
Pinduoduo's quarterly revenue rose 146% year over year to around $4
billion.
(END) Dow Jones Newswires
March 17, 2021 07:10 ET (11:10 GMT)
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