PDD Holdings, the dad or mum firm of Temu and Pinduoduo, has moved its headquarters from China to Dublin, Eire. The transfer underscores PDD’s worldwide enlargement plans with Temu, its U.S. procuring app.
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PDD Holdings, the dad or mum agency of e-commerce websites Temu and Pinduoduo, moved its headquarters from China to Eire, underscoring the Chinese language tech large’s worldwide push.
The U.S.-listed agency famous the Irish capital of Dublin as its “principal government places of work” in a current submitting with the Securities and Trade Fee. It had beforehand listed Shanghai as its important workplace. Semafor first noticed the change.
A consultant for PDD was not instantly accessible for touch upon the rationale for the change when contacted by CNBC.
PDD Holdings began off as Pinduoduo, the fast-growing low cost e-commerce agency in China. The corporate rebranded this yr to PDD Holdings, making a dad or mum firm for Pinduoduo and Temu, its worldwide e-commerce effort.
The transfer to Eire maybe indicators PDD’s try to spice up its worldwide presence. Temu quietly launched final yr. It’s attempting to duplicate the success that Chinese language quick style model Shein has discovered and probably additionally problem the likes of Amazon with its big selection of low cost merchandise.
PDD has made an enormous advertising and marketing push with Temu within the U.S. and even purchased an advert spot at this yr’s Tremendous Bowl, which regularly go for tens of millions of {dollars}.
Temu’s app has been put in greater than 50 million occasions since its launch in September 2022, in response to Apptopia. It took Shein about three years to cross this mark.
Gross merchandise worth, which is the entire quantity transacted throughout Temu’s platform, rose from $3 million in September to $387 million in March, in response to market analysis agency YipitData.
Eire is a well-liked location for international expertise corporations to arrange store as a result of its membership within the European Union and low headline company tax fee of 12.5%. Meta and Apple are amongst various U.S. tech giants with European headquarters in Eire.
