Pinduoduo and Douying are gaining market share at the expense of the incumbents. Investors are pessimistic about Chinese companies. JD.com's stock price could remain low for a long time.

On top of the three major players, namely Alibaba, Pinduoduo, and JD.com, countless smaller players such as Vipshop and new entrants like Douying and Kuaishou are all eyeing a share of the e ...