PDD Holdings, the dad or mum corporation of Temu and Pinduoduo, has moved its headquarters from China to Dublin, Ireland. The go underscores PDD’s global expansion ideas with Temu, its U.S. browsing app.
Jakub Porzycki | Nurphoto | Getty Photos
PDD Holdings, the father or mother company of e-commerce web-sites Temu and Pinduoduo, moved its headquarters from China to Ireland, underscoring the Chinese tech giant’s worldwide thrust.
The U.S.-listed company observed the Irish capital of Dublin as its “principal executive offices” in a current filing with the Securities and Trade Fee. It experienced earlier detailed Shanghai as its major office environment. Reuters initially spotted the alter.
A representative for PDD was not quickly offered for remark on the explanation for the alter when contacted by CNBC.
PDD Holdings began off as Pinduoduo, the rapidly-escalating discounted e-commerce business in China. The enterprise rebranded this yr to PDD Holdings, creating a guardian corporation for Pinduoduo and Temu, its intercontinental e-commerce effort.
The move to Ireland perhaps alerts PDD’s attempt to increase its international presence. Temu quietly released final calendar year. It is making an attempt to replicate the results that Chinese fast manner model Shein has identified and perhaps also challenge the likes of Amazon with its vast array of cheap goods.
PDD has made a big advertising and marketing thrust with Temu in the U.S. and even acquired an ad spot at this year’s Tremendous Bowl, which frequently go for millions of pounds.
Temu’s application has been mounted much more than 50 million periods considering the fact that its start in September 2022, according to Apptopia. It took Shein about 3 yrs to cross this mark.
Gross products value, which is the total sum transacted across Temu’s platform, rose from $3 million in September to $387 million in March, according to marketplace research firm YipitData.
Eire is a popular place for international technology firms to established up store thanks to its membership in the European Union and minimal headline corporation tax fee of 12.5%. Meta and Apple are amid a selection of U.S. tech giants with European headquarters in Eire.