In the last two days, two Chinese e-commerce giants have been fighting over U.S. stocks on the other side of the ocean。

On November 28, affected by strong results, Pinduoduo closed at 138.$96, up more than 18% to a 31-month high。The total market value of Pinduoduo has also reached 184.7 billion US dollars.。On the same day, Alibaba ("Ali") closed down nearly 1% at 76.$72 for a total market capitalization of $195.4 billion。The market capitalization gap between the two has narrowed to about $10 billion, and as a result, the market capitalization "competition" between the two today is particularly striking.。

On November 29, local time, the opening of the fight more than high down, the highest intraday rise of more than 4%, the total market value was once $192.2 billion more than Ali.。After the gains fell back, the final closing price of 141.$73, or about 2 percent, for a total market capitalization of $188.3 billion。

Ali extended the decline, 29 U.S. stocks closed at 74.$68, down more than 2%, with a total market capitalization of $190.2 billion, just $1.9 billion more than the total market capitalization of Pinduoduo!

The market capitalization of the two in this round is closely related to the company's business development.。

On November 28th, Pinduoduo delivered a very good quarterly earnings report.。Total revenue increased 94% year-on-year to 688.400 million yuan (RMB, the same below), net profit increased by 47% to 155..400 million yuan。

In contrast, Ali's third-quarter revenue rose 9 percent to 2,247..900 million yuan, net profit of 266.9.6 billion yuan, a net loss of 224 in the same period last year..6.7 billion yuan。

In the third quarter, although Ali's revenue was three times that of Pinduoduo, the growth rate of Pinduoduo's revenue was more than 10 times that of Ali.。Compared to the two, Ali is like a steadily growing "older youth," while Pinduoduo is like a fast-growing "teenager."。

"Older youth" Ali: increased uncertainty about growth prospects

"Older Youth" Ali, although the growth rate is not as fast as Pinduoduo, but in fact this quarterly earnings report overall is still good.。However, Ali's share price has fallen since its third-quarter earnings release。As of the 29th, the company's share price had fallen 14% from before the earnings release。

And all of this has to do with increased uncertainty about the company's business outlook.。

In its third-quarter earnings report, Ali said that the new round of chip and semiconductor export restrictions in the United States in October may have a material adverse impact on its cloud intelligence group's ability to provide products and services and the ability to fulfill existing contracts, thereby negatively affecting operating results and financial conditions.。These new restrictions could also have a broader impact on multiple related businesses, limiting a company's ability to upgrade its technology.。

In this case, the Company believes that a complete spin-off of the Cloud Intelligence Group may not enhance shareholder value as originally envisaged and has therefore decided not to proceed with a complete spin-off of the Cloud Intelligence Group.。Previously, the outside world generally believed that Ali's cloud intelligence group will be Alibaba Group's next important growth business point, now the company "self-explosion" the business prospects of increased uncertainty, no doubt let the market on its growth prospects have concerns.。

In addition, Ali also said that the box horse's initial public offering (IPO) plan to suspend。In response to the sudden suspension of Hema's IPO, the company said it was assessing market conditions and other factors necessary to ensure successful progress in project implementation and enhance shareholder value.。

The bad spin-off of the business, coupled with the negative impact of the collapse of the entire Alibaba Cloud system on November 12, put pressure on Ali's share price.。

"Teenagers" Pinduoduo: opening up a new battlefield at home, overseas business growth potential is huge

Pinduoduo's growth prospects are much clearer than Ali's。

First, domestic business in China。In the context of consumers began to "consumption downgrade," the main quality and low price of the fight more and more people are favored.。In the past "Double Eleven" promotion, the user scale of "tens of billions of subsidies" has exceeded 6.200 million。

In addition to the original e-commerce platform, Pinduoduo has also opened up a "new battlefield" for community group buying and community grocery shopping.。Pinduoduo's community group buying business - "Fast Tuan Tuan" by virtue of free, efficient and convenient features to quickly attract users, has now occupied nearly half of the market share.。And Pinduoduo's fresh agricultural products business - "buy more vegetables" is also in many parts of China to attack the city.。Some market participants said that a lot of food has accumulated enough market share, can be with the United States group preferred "wrist"。

followed by overseas business。As the "pioneer" of Pinduoduo's overseas business expansion, Temu has won a large number of consumers by virtue of its "high quality and low price" since its launch in the United States in September 2022.。Within a few weeks of its launch, Temu topped the US regional app store.。

In an effort to market itself, Temu spared no expense for $14 million to air two 30-second commercials at the U.S. Super Bowl in February.。Statistics from data agency SensorTower show that there were more than 42 during the Super Bowl weekend..60,000 people downloaded the Temu app, and in the following month, Temu's global cumulative downloads reached 50 million.。

While the United States is expanding rapidly, Temu has landed in Australia, New Zealand, France, Italy, Germany, the Netherlands, Spain and the United Kingdom, and has been well received by local people.。In July of this year, Temu entered the Asian market through two countries, Japan and South Korea, "pressing" Shein in similar app stores in Japan and South Korea, dominating the app download list.。

In the third quarter of this year, Temu also entered Southeast Asia, entering the Philippines on August 26 and landing in Malaysia on September 8.。

Goldman Sachs estimates that Temu now has more than $1 billion in monthly transactions and the bank expects Temu to continue to grow in the second half of 2023。Goldman says it sees growth opportunities for Temu in coming quarters。

Although Ali's total market capitalization is still slightly ahead today, it has temporarily retained the title of "China's first brother in e-commerce."。But from the current situation of the two and the next point of time development momentum, it is not too much to say that Pinduoduo is the new "Chinese e-commerce brother."。

But as Ma said in his reply on the intranet yesterday, everyone is ox-worthy, but only those who can reform for the sake of tomorrow's ox, and organizations that are willing to pay any price and sacrifice, are respected。

From a longer time perspective, Ali and Pinduoduo still have a long way to go.。Who can laugh at the end, who can make greater contributions to society, is the real "Chinese electricity supplier"。