Alibaba Group Holding （BABA.US）Internet Giant Embarking on New Journey

9 Alibaba Group Holding (BABA US) According to our estimates, the share of T&T in China's e-commerce market measured by GMV declined from 71.4% in 2018 to 39.4% in 2023, and could reach 37.2% in 2024, indicating a stabilization of share loss (2024: - 2.2pp; 2023: - 5.0pp). Over the past five years, we note two types of platforms have placed severe competitive pressure on Taobao and Tmall: 1) content-based e-commerce platforms led by Douyin and Kuaishou; and 2) Pinduoduo. Fig.7: China - e-commerce market sha ...