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OverviewAPI
Alibaba undergoes leadership changes amidst fierce competition from a rival, PDD, which has surpassed Alibaba in market capitalization. Eddie Wu becomes the CEO and head of the e-commerce business, replacing Trudy Dai. Dai sets up an asset management company for Alibaba Group. Alibaba's shares have declined by 18% this year due to concerns over restructuring, leadership changes, and fierce competition. Jack Ma urged employees to reform the company after PDD's success, and Temu, launched by PDD, has gained popularity, selling affordable products in various markets.

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