The Scoop
One of the largest tech companies to come out of China, PDD Holdings, has moved its official headquarters from Shanghai to Europe. In its latest filings with the U.S. Securities and Exchange Commission, the company listed an address in Dublin, Ireland, as its “principal executive offices.” As recently as January, it cited an address in Shanghai as its principal executive offices.
PDD owns and operates Pinduoduo, a popular shopping platform in China, as well as Temu, an e-commerce app that has become a breakout success in the United States since launching there last fall and recently expanded into several European markets.
In recent weeks, all references to PDD Holdings as Temu’s parent company have disappeared from the app’s website. Temu and PDD did not immediately respond to a request for comment.
Know More
As Temu rose to prominence, U.S. lawmakers began scrutinizing the app’s ties to China. Congress sent a letter to PDD Holdings on Tuesday demanding answers about Temu’s potential ties to China’s western Xinjiang region, where the Chinese government has been accused of abusing the rights of Uyghurs and other Muslim minorities, Semafor reported.
Step Back
Ireland has long been a favored destination for Silicon Valley tech firms to set up shop due to its relatively low tax rates.