PDD Holdings, the mum or dad corporate of Temu and Pinduoduo, has moved its headquarters from China to Dublin, Eire. The transfer underscores PDD’s global enlargement plans with Temu, its U.S. buying groceries app.
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PDD Holdings, the mum or dad company of e-commerce websites Temu and Pinduoduo, moved its headquarters from China to Eire, underscoring the Chinese language tech large’s global push.
The U.S.-listed company famous the Irish capital of Dublin as its “most important govt places of work” in a contemporary submitting with the Securities and Trade Fee. It had in the past indexed Shanghai as its primary place of business. Semafor first noticed the trade.
A consultant for PDD was once now not instantly to be had for touch upon the cause of the trade when contacted by means of CNBC.
PDD Holdings began off as Pinduoduo, the fast-growing cut price e-commerce company in China. The corporate rebranded this yr to PDD Holdings, making a mum or dad corporate for Pinduoduo and Temu, its global e-commerce effort.
The transfer to Eire possibly alerts PDD’s try to spice up its global presence. Temu quietly introduced closing yr. It is making an attempt to duplicate the luck that Chinese language rapid model emblem Shein has discovered and probably additionally problem the likes of Amazon with its large choice of inexpensive merchandise.
PDD has made a gigantic advertising push with Temu within the U.S. or even purchased an advert spot at this yr’s Tremendous Bowl, which frequently opt for tens of millions of bucks.
Temu’s app has been put in greater than 50 million occasions since its release in September 2022, in keeping with Apptopia. It took Shein about 3 years to move this mark.
Gross products worth, which is the full quantity transacted throughout Temu’s platform, rose from $3 million in September to $387 million in March, in keeping with marketplace analysis company YipitData.
Eire is a well-liked location for international generation firms to arrange store because of its club within the Eu Union and coffee headline company tax fee of 12.5%. Meta and Apple are amongst various U.S. tech giants with Eu headquarters in Eire.
