PDD Holdings, the parent company of Temu and Pinduoduo, has moved its headquarters from China to Dublin, Ireland. The move underscores PDD’s international expansion plans with Temu, its U.S. shopping app.
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PDD Holdings, the parent firm of e-commerce sites Temu and Pinduoduo, moved its headquarters from China to Ireland, underscoring the Chinese tech giant’s international push.
The U.S.-listed firm noted the Irish capital of Dublin as its “principal executive offices” in a recent filing with the Securities and Exchange Commission. It had previously listed Shanghai as its foremost office. Reuters first spotted the change.
A representative for PDD was not immediately available for comment on the explanation for the change when contacted by CNBC.
PDD Holdings began off as Pinduoduo, the fast-growing discount e-commerce firm in China. The corporate rebranded this yr to PDD Holdings, making a parent company for Pinduoduo and Temu, its international e-commerce effort.
The move to Ireland perhaps signals PDD’s try and boost its international presence. Temu quietly launched last yr. It’s trying to copy the success that Chinese fast fashion brand Shein has found and potentially also challenge the likes of Amazon with its big range of low cost products.
PDD has made an enormous marketing push with Temu within the U.S. and even bought an ad spot at this yr’s Super Bowl, which frequently go for thousands and thousands of dollars.
Temu’s app has been installed greater than 50 million times since its launch in September 2022, in accordance with Apptopia. It took Shein about three years to cross this mark.
Gross merchandise value, which is the full amount transacted across Temu’s platform, rose from $3 million in September to $387 million in March, in accordance with market research firm YipitData.
Ireland is a preferred location for foreign technology corporations to establish shop resulting from its membership within the European Union and low headline corporation tax rate of 12.5%. Meta and Apple are amongst a lot of U.S. tech giants with European headquarters in Ireland.
