Alibaba has lost the lead in China too!!

Alibaba, once the biggest internet trade site, is going through hard times. Alibaba, which long ago lost its leadership in the world to the US giant Amazon, is no longer the largest company even in China. Alibaba, once the biggest internet trading site, is having a hard time. Alibaba, which long ago lost its leadership in the world to the US giant Amazon, is no longer the largest company even in China.

After the company's founder, Chinese billionaire Jack Ma, congratulated the company's biggest competitor in China, PDD, at an Alibaba forum, PDD became the leader of the Chinese market. Praising his rival's strategic decisions, Ma said, "Anyone can be successful. But those who are willing to reform and an organization that is ready to make any necessary sacrifice are considered respectable."

PDD reached a size of $184 billion on November 28, while Alibaba's size remained at $183 billion. Chinese e-commerce firm PDD also owns US-based company TEMU.

CONTINUED DECLINE SINCE OCTOBER 2020 Things have not been going well for the company since October 2020, when Alibaba's shares skyrocketed. The company has been under pressure since then, especially after China's regulators were criticized by Ma. That's why Alibaba had to halt the $36 billion IPO of its technology subsidiary ANT Group. China's regulator even opened a series of investigations into the company, while imposing a record fine of $ 2.8 billion. Ma, who left Alibaba's board of directors, has been living a secluded life since then. LOST THREE QUARTERS OF ITS VALUE Offered to the public in 2014, the company has lost almost three quarters of its value since then. Shares have fallen almost to the level of the IPO. On Friday, the company's shares closed at $ 72.14 on the New York stock exchange, down slightly. Shares have lost 18 percent on the New York stock exchange this year. Shares started the day on the Hong Kong stock exchange at $ 8.79, down 2.6