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

PDD Holdings, the dad or mum agency of e-commerce websites Temu and Pinduoduo, moved its headquarters from China to Ireland, underscoring the Chinese tech large’s worldwide push.

The U.S.-listed agency famous the Irish capital of Dublin as its “principal executive offices” in a latest submitting with the Securities and Exchange Commission. It had beforehand listed Shanghai as its principal workplace. Semafor first noticed the change.

A consultant for PDD was not instantly obtainable 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 firm rebranded this yr to PDD Holdings, making a dad or mum firm for Pinduoduo and Temu, its worldwide e-commerce effort.

The transfer to Ireland maybe alerts PDD’s try to spice up its worldwide presence. Temu quietly launched final yr. It is making an attempt to copy the success that Chinese 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 a giant advertising and marketing push with Temu within the U.S. and even purchased an advert spot at this yr’s Super 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, based on 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, based on market analysis agency YipitData.

Ireland is a well-liked location for overseas expertise firms to arrange store because of its membership within the European Union and low headline company tax fee of 12.5%. Meta and Apple are amongst plenty of U.S. tech giants with European headquarters in Ireland.