First Business News Portal in English from Nepal
KATHMANDU: 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. Though Pinduoduo’s annual revenue of $9.1 billion remains a fraction of Alibaba’s $72 billion from its last fiscal year, it almost doubled relative to 2019, cementing the Shanghai-based company’s status as the first challenger to loosen Alibaba and JD.com Inc.’s JD 1.30% stranglehold over Chinese online consumption.
“Together we’ve produced a minor miracle,” said Colin Huang, Pinduoduo’s founder and an ex-Google engineer, in a speech to staff, which was later published, at the company’s fifth birthday celebration at its headquarters in October. “We’ve changed Chinese e-commerce and even the structure of the Chinese internet.” Marketwatch
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