AliExpress, an e-commerce site owned by Chinese giant Alibaba (NYSE:BABA), has signed former England soccer captain David Beckham as a brand ambassador, according to Reuters. BABA is looking to better compete with PDD Holdings’ (NASDAQ:PDD) Temu in the global market for affordable Chinese goods. Alibaba is now investing heavily to boost its global sales as domestic growth slows, which seems to be paying off. In fact, from January to March, Alibaba’s international division saw a 45% revenue surge.
AliExpress also secured a sponsorship for the UEFA Euro 2024 tournament in June, where it plans to offer millions in discounts and deals. An ad campaign featuring Beckham will run alongside the tournament that will encourage consumers to “score more with AliExpress.” This strategy follows Temu’s successful Super Bowl commercials, which led to a 34% increase in app downloads on Super Bowl Sunday, according to Apptopia.
Which Is the Best Chinese Stock to Buy?
Of the two previously mentioned Chinese stocks, analysts expect more from PDD stock thanks to its $219.23 price target, which implies over 39% upside potential. This comes after a 133% rally over the past 12 months.
Is PDD the Right Stock to Buy for Passive Income?
Before you hurry to invest in PDD, think about the following:
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