Jack Ma’s Biggest E-Commerce Rival Is Coming for Amazon, Walmart

Jack Ma essentially invented the e-commerce business in China by co-founding Alibaba Group Holding Ltd. and steering it to the top of the country’s private sector. But a couple weeks ago, the celebrated entrepreneur called out a little-known rival for outpacing his brainchild and becoming a role model for the tech industry.

“Congratulations to Pinduoduo for their decision-making, execution and efforts of the past years,” Ma wrote on an internal forum, prodding Alibaba’s 220,000-plus employees to “correct its course.”

For those outside of China, the name Pinduoduo may have drawn a blank. Yet the upstart, formally known as PDD Holdings Inc. ...