China’s Pinduoduo Has Reshaped Discount Shopping [The New York Times]
PDD Holdings Inc. - American Depositary Shares (PDD)
Company Research
Source: The New York Times
When Pinduoduo, the Chinese discount shopping app, debuted nearly a decade ago, the tech giants Alibaba and JD.com dominated China’s e-commerce business.Pinduoduo felt more like a gimmick than a future rival. It was a combination of a game arcade, a shopping mall and a social network. Its main selling point was lower prices for shoppers who recruited other buyers to make group purchases. Customers could pass the time by playing video games or earn money by logging in daily to browse the app.Now, no one is taking the company lightly.Pinduoduo is the sister company of Temu, the bargain shopping app that has amassed tens of millions of users outside China, including in the United States, where it is spending billions of dollars on promotion. Americans who haven’t used Temu yet have probably seen itsSuper Bowl ads or Instagram postsLike TikTok, Temu is the foreign version of a highly successful Chinese company. As its popularity has grown in the United States, its business practices have
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- 3/20/24 - Beat
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- 3/27/24 - Form 144
- 3/26/24 - Form 144
- PDD's page on the SEC website