On September 22, the All-China Federation of Industry and Commerce unveiled the 2026 list of China's top 500 private enterprises. JD.com, Alibaba, and Hengli secured the top three positions.

Among the notable movers, Pinduoduo's operating entity, Shanghai Xunmeng Information Technology Co., Ltd., fell to 102nd place, a decline of 21 positions from the previous year. Its revenue contracted by 13.803 billion yuan, settling at 103.869 billion yuan.

This year's ranking reflects a clear retreat for the e-commerce giant, marking one of the most significant downward shifts among major tech-driven platforms on the list.