Pinduoduo Surpasses Alibaba as Most Valuable Chinese E-Commerce Firm in U.S.
• title Alibaba feels the heat as PDD catches up in U.S. market cap
• Alibaba briefly lost its crown as most valuable Chinese company listed in the U.S. after Pinduoduo parent PDD Holdings' shares surged 18%
• Pinduoduo is challenging Alibaba's dominance in Chinese e-commerce
• Alibaba CEO Jack Ma urges employees to make "sacrifices" to help fend off rivals
• Pinduoduo and other rivals are piling pressure on Alibaba