Alibaba Rival PDD Relocates Headquarters To Ireland Even As China's Regulatory Environment Cools Down

• PDD Holdings Inc (NASDAQ: PDD) migrated its headquarters from China to Ireland, likely to boost its international presence.

• The parent firm of e-commerce sites Temu and Pinduoduo noted the Irish capital of Dublin as its “principal executive offices,” CNBC cites SEC filings.

• The Alibaba Group Holding Limited (NYSE: BABA) rival was previously listed Shanghai as its principal office.

• Also Read: Alibaba Cloud Goes Aggressive On Overseas Collaboration

• PDD started as Pinduoduo, a fast-growing discount e-commerce firm in China, before rebranding to PDD Holdings in 2023.

• Temu attempts to replicate the success of Chinese fast fashion brand Shein and challenge the likes of Amazon.Com Inc (NASDAQ: AMZN).

• PDD has made a big marketing push with Temu in the U.S. and even bought an ad spot at this year’s Super Bowl.

• Ireland is a popular location for foreign technology companies due to its membership in the European Union and low headline corporation tax rate of 12.5%.

• Price Action: PDD shares traded higher by 1.58% at $64.53 on the last check Thursday.

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This article Alibaba Rival PDD Relocates Headquarters To Ireland Even As China's Regulatory Environment Cools Down originally appeared on Benzinga.com

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