Are you there, Alibaba? It’s me, PDD

More: Asia Partners closes its second fund at US$474 million. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [How PDD outstripped Alibaba, by the numbers]( - Why payroll automation startup Salarium halted operations - Other newsy highlights such as Asia Partners closing its second fund at US$474 million --------------------------------------------------------------- Hello {NAME} I try not to amass too many possessions - I like the idea that I could pack up my entire life in just a few bags and start over anywhere at the drop of a hat. But when I visited friends in the UK over Christmas, Temu and all the discounts it offered for gizmos I didn’t need caught my eye. And like many folks, I was tempted by the ridiculous marked-down prices for devices I’d never imagined existed. However, Temu didn’t just appear on the shores of Blighty out of thin air. Instead, its parent firm PDD Holdings is following the playbook for ecommerce success that it had used for China-based Pinduoduo. Today’s premium story looks at how PDD surpassed long-time incumbent Alibaba in market capitalization and what Southeast Asia’s ecommerce majors can learn from this. -- Peter  ---------------------------------------------------------------  THE BIG STORY [How PDD seized Alibaba’s crown to become China’s most valuable ecommerce firm]( We look at what’s behind this changing of the guard. --------------------------------------------------------------- TRENDING NEWS [Salarium halts operations amid salary disbursement trouble (Updated)]( The Philippines-based startup mentioned “issues affecting its ability to continue operating effectively,” leading to the shutdown. [Asia Partners closes second SEA-focused fund at $474m]( The Singapore-based investment firm said the fund will focus on series C or series D rounds, with check sizes from US$20 million to US$100 million. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Asia layoff tracker: Lazada to lay off up to 30% staff; Paytm fires 1,000 employees]( Tech firms are dismissing staff to stay afloat as headwinds hit Asia. This layoff tracker is keeping tabs on marching orders. --------------------------------------------------------------- JUMPSTART 2024 WITH SINGAPORE’S FINEST LEADERS Join us for this closed-door roundtable and networking dinner on Feb. 1 Singapore-based IT, data, and digital transformation leaders: are you ready for a new year of new beginnings? It’s time to break away from the norm of rigid, traditional business processes in 2024! 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