PDD Holdings, the parent company of Teemu and Pinduoduo, has moved its headquarters from China to Dublin, Ireland. The move underscores PDD’s international expansion plans with US shopping app Teemu.
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PDD HoldingsThe parent firm of e-commerce sites Teemu and Pinduoduo, moved its headquarters from China to Ireland, underscoring the Chinese tech giant’s international push.
The US-listed firm noted Ireland’s capital Dublin as its “principal executive offices” in a recent filing with the Securities and Exchange Commission. It previously listed Shanghai as its head office. semaphore First noticed the change.
A representative for PDD was not immediately available for comment on the reason for the change when contacted by CNBC.
Started as PDD Holdings Pinduoduo, the fastest growing discount e-commerce firm in China, The company rebranded PDD Holdings this year, forming a parent company for Pinduoduo and Teemu, its international e-commerce endeavor,
The move to Ireland perhaps signals an attempt to boost PDD’s international presence. TEMU quietly launched last year. It is looking to replicate the success of Chinese fast fashion brand Shein and potentially challenge even the likes of Amazon with a wider range of cheaper products.
PDD has made a big marketing push with TEMU in the US and has also bought a Ad spot in this year’s Super BowlWhich often go into the millions of dollars.
According to Apptopia, Teemu’s app has been installed over 50 million times since its launch in September 2022. It took Sheen almost three years to cross this mark.
Gross merchandise value, which is the total amount transacted on Teemu’s platform, rose from $3 million in September to $387 million in March, according to market research firm Yipitdata.
Ireland is a popular place for foreign technology companies to set up shop due to its membership in the European Union and low headline corporation tax rate of 12.5%. meta And Apple Ireland is among several US tech giants with European headquarters.