Nasdaq-listed Pinduoduo's share price rose more than 12% on October 24, reaching a record high of $39.96. That boosted its market cap to $46 billion, surpassing JD.com’s $45 billion. JD.com’s share price closed at $30.72 on October 24. Pinduoduo is now the fourth-largest overseas-listed Chinese internet company, behind Alibaba, Tencent, and lifestyle platform Meituan Dianping.