On November 29th, Pinduoduo reported a significant increase in revenue and a surge in stock prices, sparking heated discussions on Alibaba's internal network. The reporter from First Financial News learned that Alibaba founder Jack Ma responded to this in a post posted on the intranet, congratulating Pinduoduo on its decision-making, implementation, and efforts over the past few years. At the same time, he firmly believes that Alibaba will change and Ali will change based on the opinions, suggestions, and innovative ideas put forward by Alibaba employees.
On November 28th, Pinduoduo released its third quarter performance report, with revenue of 68.84 billion yuan, a year-on-year increase of 93.9%. After the financial report was released, Pinduoduo's US stock price soared, rising more than 18% at one point. As of the close of November 28th Eastern Time, Pinduoduo's total market value reached $184.7 billion.
That night, an Alibaba employee posted on the intranet saying, "It's hard to sleep at this moment, and I can't even imagine that the market value of Pinduoduo has directly reached 185.5 billion US dollars, which is only 8 billion compared to our 194.3 billion, which is really surprising.". That inconspicuous guy is about to become a big brother. I didn't want to post this post without any nutritional content, but in my thoughts, I decided to leave it as a reminder and also as my own encouragement. I hope to work together with the group brothers to contribute and surpass them.
This post sparked heated discussions on Alibaba, and subsequently, Jack Ma replied to a post on the intranet saying: "Very good. Please provide constructive suggestions and suggestions, especially innovative ideas. I believe that everyone at Alibaba is watching and listening today. I firmly believe that Alibaba will change, and that Alibaba will change. All great companies are born in winter. The era of AI e-commerce has just begun, and it is both an opportunity and a challenge for everyone. Congratulations to PDD on their decisions, execution, and efforts over the past few years. Everyone has done well, but those who can reform for tomorrow and the future will do well." Only organizations that are willing to pay any price and sacrifice are respected. Back to our mission and vision, Ali people, come on! Partner Jack Ma. "
On November 29th, Beijing time, after the closing of the US stock market, the current difference in the US stock market value between Pinduoduo and Alibaba is only $10.7 billion. Pinduoduo's market value is approaching Alibaba. As of the close of November 28th Eastern Time, Alibaba's US stock price has fallen by 1.04%, with a market value of 195.4 billion yuan. At present, the market value gap between Alibaba and Pinduoduo has narrowed to about $10 billion.
In March of this year, Alibaba launched a top-down organizational transformation. Under the Alibaba Group, six major business groups and multiple business companies were established, including Alibaba Cloud Intelligence, Taobao and Tmall Business, Local Life, Cainiao, International Digital Business, and Da Wen Yu. They will each establish a board of directors to independently face the market and implement a CEO responsibility system, in order to drive Alibaba's new growth vitality. However, with the advancement of organizational change, the suspension of Hema's listing and the emergence of challenges such as Alibaba Cloud no longer being spun off have added more uncertainty to the outside world about Alibaba's future development. With the rapid development of Pinduoduo, Alibaba has also felt more pressure.
Behind the rare internal network posts discussing Pinduoduo, Jack Ma may be leading Alibaba people to face problems, acknowledge the current situation, and face the future. In his view, under the challenges of the new situation, Alibaba, this huge organization, also needs to enter a more resolute and "willing to pay any price and sacrifice" reform.