Top 20 List GMV, page-51

Company is located in Guangzhou China. Population 25 million.
How do you clarify your comment , not large by Chinese standards, when ..
Here's the full ranking of cities, and their estimated population: ( population figures are apparently difficult to get accurately )

• Shanghai (34 million)
• Guangzhou (25 million)
• Beijing (24.9 million)
• Shenzhen (23.3 million)
• Wuhan (19 million)
• Chengdu (18.1 million)
• Chongqing (17 million)
• Tianjin (15.4 million)
• Hangzhou (13.4 million)
• Xian (12.9 million)

It sits second on city populations in China .
I tend to think your research , if any , is flawed and biased.