Tech giant PDD Holdings, parent of Pinduoduo and Temu, moves headquarters from China to Ireland

PDD Holdings, the guardian 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. buying app.

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PDD Holdings, the guardian agency of e-commerce websites Temu and Pinduoduo, moved its headquarters from China to Eire, underscoring the Chinese language tech big’s worldwide push.

The U.S.-listed agency famous the Irish capital of Dublin as its “principal govt places of work” in a current submitting with the Securities and Alternate Fee. It had beforehand listed Shanghai as its most important workplace. Reuters first noticed the change.

A consultant for PDD was not instantly obtainable for touch upon the explanation 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 guardian 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 making an attempt to duplicate the success that Chinese language quick vogue model Shein has discovered and probably additionally problem the likes of Amazon with its big range 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 frequently go for thousands and thousands of {dollars}.

Temu’s app has been put in greater than 50 million instances since its launch in September 2022, in accordance with Apptopia. It took Shein about three years to cross this mark.

Gross merchandise worth, which is the whole quantity transacted throughout Temu’s platform, rose from $3 million in September to $387 million in March, in accordance with market analysis agency YipitData.

Eire is a well-liked location for international know-how firms 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 quite a few U.S. tech giants with European headquarters in Eire.

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