China Roundup: Xi’s power on bitcoin, the rise of Alibaba’s new rival

By: Rita Liao

Welcome back to TechCrunch’s China roundup, a digest of the latest events that happened at major Chinese tech companies and what they mean to tech founders and executives around the world.

Alibaba’s nemesis

Alibaba’s new rival is shaking up China’s internet landscape.

This week, four-year-old e-commerce upstart Pinduoduo  displaced to be the fourth-most valuable internet company in the country. Its market capitalization of $47.6 billion on Friday put it just behind e-commerce leader Alibaba, social networking behemoth Tencent and food delivery titan Meituan in China. Baidu, the search equivalent of Google in China, has fallen off the top-three club, ending a decade of unshakable dominance of Baidu, Alibaba, and Tencent (the “BAT”) on the Chinese internet.

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