Although Alibaba did not disclose the GMV growth for the first quarter, I estimate the actual GMV growth to be approximately 5%, slightly lower than the overall market growth rate of 5.7%. JD.com's GMV grew by around 12%, making it the most direct beneficiary of the national subsidy policy, with its growth outperforming the market. The impact of national subsidies on Alibaba is actually limited, as they only affect 20% of Alibaba's GMV. If the above disclosures and speculations are accurate, then the GMV growth of Pinduoduo and Douyin E-commerce in the first quarter was only 3.3%. Of course, each e-commerce platform has different statistical criteria. In terms of the detail of financial report disclosures, I tend to trust the data from Alibaba and JD.com. From this perspective, Alibaba's e-commerce business has withstood the offensive from Pinduoduo and Douyin E-commerce.
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