A sprawling business under reorganization Founded in 1999 by Jack Ma, Alibaba Group Holding (NYSE: BABA; HKEX: 9988) remains a pillar of China's new economy. Since the March 2023 restructuring, the group operates through six segments: domestic e-commerce (Taobao and Tmall Group), international (AliExpress, Lazada, Trendyol), cloud computing (Alibaba Cloud), logistics (Cainiao), local services (Ele, Amap), and media and entertainment (Youku, Alibaba Pictures). The architecture

PDD Holdings, listed on Nasdaq under the ticker PDD, has emerged in less than a decade as one of the most disruptive players in global e-commerce. Founded in 2015 with the launch of Pinduoduo in China, the company led by Lei Chen now operates two flagship platforms: Pinduoduo, which dominates the social and agricultural e-commerce segment in China, and Temu, its international spearhead launched in September 2022, now present in more than 80 markets. Strategic levers and compe