Alibaba Is Battling with Temu Parent PDD. Founder Jack Ma Says That’s a Good Thing.

Alibaba is locked in a three-way battle for market share with upstart rival PDD and longtime foe JD.com but the Chinese e-commerce giant’s co-founder Jack Ma thinks heightened competition will be good news over the longer term. “Many of Alibaba business face challenges and the possibility of being surpassed, but that’s to be expected as no single company can stay at the top forever in any industry,” Ma wrote in an internal memo sent to employees late Tuesday to commemorate the company’s 25th anniversary, according to The Wall Street Journal. Alibaba’s earnings have disappointed this year as it struggles to win a price war against JD.com and PDD which owns Pinduoduo in China and Temu in the U.S. In June, the three companies locked horns for China’s annual 618 shopping festival, slashing prices and rolling out promotions in a battle investors fear could weigh on margins.