Alibaba Group (NYSE: BABA) and Pinduoduo (NASDAQ: PDD) are two of the largest e-commerce companies in China. Alibaba served 1.3 billion annual active customers globally at the end of fiscal 2022 (which ended in March 2022), including over 1 billion customers in China, while Pinduoduo reached 882 million annual active buyers in the first quarter of 2022.

But over the past 12 months, Alibaba's stock has declined about 25% as Pinduoduo's stock surged more than 40%. Let's see why that happened, and if Pinduoduo will remain the superior Chinese e-commerce play in 2023 and beyond.

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Source Fool.com