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.
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.
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.
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.
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.