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Temu and Pinduoduo’s parent company, PDD Holdings, has moved its headquarters to Ireland. Relocating its HQ is said to be part of its plans to achieve its goal of global expansion.
Moreover, this is another indication of the Chinese e-commerce company’s efforts in bolstering its presence in the international market via its US version of the Temu shopping platform. It was mentioned that Ireland is popular among foreign tech companies, and they consider this as the ideal place to set up their business because of its membership in the European Union. It also has lower corporate tax rate, which is only 12.5%.
In its recent filing at the U.S. Security and Exchange Commission, the Temu owner said it has chosen Dublin to be its “principal executive office.” Before this, PDD has been listing Shanghai, China, as its main office, as per CNBC.
PDD was formerly known as Pinduoduo, and as its e-commerce business grew, it reorganized the company. This year, it has rebranded and changed its name to PDD Holdings, which has become the parent company of Temu and Pinduoduo.
Temu was only launched in 2022, and since then, it has been continuously working on making the brand known not only in China but on the global stage. The brand is reportedly attempting to duplicate the success achieved by another Chinese company, Shein. Perhaps, it can also rival bigger names such as Amazon later on by offering quality but affordable products.
Finally, Reuters reported that Temu’s owner recently appointed Jiazhen Zhao as its chief executive officer. He is one of PDD’s founding members, and executives picked him to lead the group. The US-listed company reported a revenue of $5.76 billion in the fourth quarter and slightly fell short of the $5.9 billion estimates based on data from Refinitiv.
