$PDD Holdings Inc(PDD)$ Alibab

Alibaba $Alibaba(BABA)$ remains the leader in the e-commerce industry, and Pinduoduo's valuation should still be compared to Alibaba's. Currently, based on GMV alone, Pinduoduo's market value is twice that of Alibaba's. As Pinduoduo's market share grows, Alibaba's valuation will become less relevant as a benchmark. When the market clearly believes that Pinduoduo will surpass Alibaba in GMV, the e-commerce valuation system will no longer be anchored to Alibaba

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