Temu parent PDD tops Alibaba's market cap again on big earnings

HONG KONG -- PDD Holdings, the parent of bargain shopping apps Pinduoduo and Temu, has again surpassed rival Alibaba Group Holding in market capitalization, becoming the most valuable Chinese company listed in the U.S. after earnings for the March quarter massively beat expectations.

PDD's sales in the first quarter surged 131% to 86.8 billion yuan ($12.1 billion), compared with the average estimate of 75.66 billion yuan from analysts surveyed by financial data provider LSEG. The company's net profit jumped 246% to 28 billion yuan.