Chinese ecommerce giant settles in Dublin
PDD Holdings has opened an office in the Irish capital Dublin. It concerns the head office, according to international news outlets, but the company itself vehemently denies this. PDD is the owner of the Chinese online platform Pinduoduo and the international ecommerce comet Temu, recently launched in six European countries.
Reuters and CNBC report that PDD moved its headquarters from Shanghai to Dublin, referring to recent filings from the company. It would signal PDD’s attempt to boost its international presence.
Principal executive offices
“Our principal executive offices are located in Dublin, Ireland”, is clearly stated in a recent filing with the United States Securities and Exchange Commission. “We also maintain offices in North America, Asia and Europe.” It is not clear where other European offices are located.
It is however clear that PDD has an office in Shanghai, where it originates. According to the company itself, the head office is also still located in the Chinese metropole. The reports by the international news outlets were “seriously inaccurate”, a spokesperson told Chinese media.
“The headquarters has always been in Shanghai, China, and it will not change.”
The Dublin office, the spokesperson said, would serve as PDD’s legal registration for its overseas business Temu. Companies like Apple, Google and Meta have chosen Ireland as the location for their European headquarters, thanks to its attractive tax regime.
Powered by welcome discounts, giveaways, and gamified referrals, PDD’s international ecommerce brand Temu became immensely popular soon after its US launch, only last September.
The shopping platform, applying a ‘next-gen manufacturing model’, quickly rose to the top of the most popular apps lists. Temu expanded to Canada, Australia, and New Zealand earlier this year. At the end of April, the app became available in the United Kingdom, France, Germany, Italy, Spain, and The Netherlands. Temu uses an order threshold of ten euros. Shoppers enjoy free shipping and free returns within 90 days.
Temu uses an order threshold of ten euros.
PDD Holdings, founded in 2015, is one of the biggest tech companies to come out of China. It quickly became one of China’s largest ecommerce operators and went public on Nasdaq in 2018. PDD reported a revenue of over 5 billion euros in the fourth quarter. The company recently named Jiazhen Zhao, one of the founding members of PDD, as CEO.