[{"_1":2,"_81":-5,"_82":-5},"loaderData",{"_3":4,"_6":7},"root",{"_5":-5},"user","routes/category.$slug",{"_8":9,"_69":70,"_78":72,"_79":41,"_80":42},"posts",[10],{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":22,"_23":24,"_25":26,"_27":28,"_29":30,"_31":32,"_33":-5,"_34":35,"_36":37,"_47":48,"_62":63,"_64":65,"_66":67,"_68":32},"documentId","ftoj5v4wz6jy2opd1hvlf9il","title","Pinduoduo Outstrips Baidu as Fifth Largest Internet Company in China","slug","pinduoduo-outstrips-baidu-as-fifth-largest-internet-company-in-china","excerpt","According to Tencent Technological News, Chinese group buying e-commerce platform Pinduoduo surpassed Baidu in market value, becoming the fifth largest Internet company in China. ","content","\n

According to Tencent Technological News, Chinese group buying e-commerce platform Pinduoduo surpassed Baidu in market value, becoming the fifth largest Internet company in China. The company’s share prices surged 8.66% on August 29, increasing its market cap to $39.1 billion.

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Pinduoduo’s quarterly earnings have been consistently beating market expectations. In the second quarter ended June 30, the total revenue of the company reached $1,061.9 million, a 169% year-over-year increase that exceeded the $879 million predicted by analysts. The average monthly active users of Pinduoduo also soared in the second quarter to 366 million, an increase of 88% over last year, while the number of active buyers for the quarter ended June 30 was 483.2 million, a 41% year-on-year upturn.

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Baidu's share prices rose 1.20% on Thursday, closing at $104.83. The company’s previous earnings report showed second quarter earnings of $3.835 billion, a mere 1% year-on-year increase. The search giant’s net profit fell by 62% since last year. However, the company’s second-quarter results still managed to exceed market expectations.

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As of August 30, Alibaba Group's market capitalization was $449.9 billion, making it the Internet company with the highest market value in China, followed by Tencent in the second place with a market cap of $391.5 billion. Meituan-Dianping came in third with $55.1 billion in value, leaving the fourth place for JD.com at $45.2 billion.

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Colin Huang, founder and CEO of Pinduoduo ranked seventh among the Top 10 richest people in Mainland China and 46th in the world with an estimated net-worth of $17.4 billion.

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Category: Industry

Pinduoduo Outstrips Baidu as Fifth Largest Internet Company in China