Meanwhile, Tencent CEO Pony Ma criticized the company's video game business for underperforming and expressed a desire to drive more growth from WeChat, the company's messaging app. Alibaba and JD.com's leaders also admonished their employees for complacency. Despite generating more revenue than PDD Holdings, Alibaba and JD.com's shares have dropped significantly in the past year, while PDD's shares have risen by over 20%, indicating investor confidence in the company's prospects.
Key takeaways:
- China's tech sector is experiencing a shake-up with new and returning companies like PDD Holdings and Baidu challenging established firms like Alibaba, Tencent, and JD.
- ByteDance CEO Liang Rubo has expressed concern over the company's lack of sensitivity to external changes and slow pace, warning that this could lead to mediocrity.
- Chinese tech companies are racing to adopt generative AI, with Baidu's ERNIE chatbot being a notable example. Other companies, including Alibaba, Tencent, JD, and various startups, are also launching their own AI services.
- Alibaba and JD.com's founders have criticized their employees for complacency, urging them to avoid 'lying flat' and calling for change and reform within the companies.