Move over, Alibaba. There’s a new online-shopping champion in China: PDD, the company behind discount-retailing app Temu, is now the country’s most valuable e-commerce company.

After a 78% rise this year, PDD’s market value has hit $193 billion, snatching the crown from Alibaba. Though PDD’s revenue last quarter was still less than a third of Alibaba’s, it’s growing much faster. Revenue for the three months ended in September surged 94% from a year earlier—Alibaba’s only grew 9%. That breakneck growth means the market is willing to assign a much higher multiple to PDD stock: It trades at 34 times earnings compared with 11 times for Alibaba, according to S&P Global Market Intelligence.