- PDD Holdings Inc PDD migrated its headquarters from China to Ireland, likely to boost its international presence.
- The parent firm of e-commerce sites Temu and Pinduoduo noted the Irish capital of Dublin as its “principal executive offices,” CNBC cites SEC filings.
- The Alibaba Group Holding Limited BABA rival was previously listed Shanghai as its principal office.
- Also Read: Alibaba Cloud Goes Aggressive On Overseas Collaboration
- PDD started as Pinduoduo, a fast-growing discount e-commerce firm in China, before rebranding to PDD Holdings in 2023.
- Temu attempts to replicate the success of Chinese fast fashion brand Shein and challenge the likes of Amazon.Com Inc AMZN.
- PDD has made a big marketing push with Temu in the U.S. and even bought an ad spot at this year’s Super Bowl.
- Ireland is a popular location for foreign technology companies due to its membership in the European Union and low headline corporation tax rate of 12.5%.
- Price Action: PDD shares traded higher by 1.58% at $64.53 on the last check Thursday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
