China’s PDD Holdings, parent of Temu, moves headquarters to Ireland

PDD Holdingsthe parent company of e-commerce sites Temu and Pinduoduo, has moved its headquarters from China to Ireland, underscoring the Chinese tech giant’s international push.

The US-listed company cited Dublin, Ireland, as its “principal executive offices” in a recent filing with the Securities and Exchange Commission. It had previously listed Shanghai as its main office. Reuters first spotted the change.

A representative for PDD was not immediately available to comment on the reason for the change when contacted by CNBC.

PDD Holdings started as Pinduoduo, the fast-growing discount e-commerce company in China. The company rebranded this year to PDD Holdings, creating a parent company for Pinduoduo and Temu, their international e-commerce efforts.

The move to Ireland probably indicates the PDD’s attempt to strengthen its international presence. Temu was quietly launched last year. It’s trying to replicate the success of Chinese fast-fashion brand Shein, and it’s also likely to challenge the likes of Amazon with its wide range of inexpensive products.

PDD has made a big marketing push with Temu in the US and even bought an advertising spot at this year’s Super Bowl, which is often worth millions of dollars.

Temu has been installed more than 50 million times since its launch in September 2022, according to Apptopia. It took Shein about three years to pass that mark.

Total merchandise value, which is the total amount traded via Temu’s platform, rose from $3 million in September to $387 million in March, according to market research firm YipitData.

Ireland is a popular location for foreign technology companies to set up shop due to its membership in the European Union and its low headline corporate tax rate of 12.5%. meta And apple Among a number of US tech giants with their European headquarters in Ireland.