PDD Holdings Inc. (PDD)

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. It aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from increased productivity and new opportunities. The company has built a network of sourcing, logistics and fulfillment capabilities that supports its underlying businesses. It began commercial operations in 2015 and has been listed on the Nasdaq Global Select Market since July 2018 under the symbol "PDD." It is a Cayman Islands holding company, and it relies on contractual arrangements with a variable interest entity to operate most of its business in China, because PRC rules restrict foreign ownership of internet-related businesses.

Its two main platforms are Pinduoduo and Temu. Pinduoduo, founded in 2015, offers value-for-money merchandise across a wide range of categories and pioneered a "team purchase" model in which buyers share products on social networks and invite contacts to form shopping teams for lower prices. It has a proprietary e-waybill system that connects merchants with third-party logistics providers and gives buyers real-time delivery visibility. In 2020 it launched Duo Duo Grocery, a next-day grocery pick-up service linking local farmers and distributors with consumers. Temu was founded in September 2022 in Boston and launched in North America, then expanded to Oceania and Europe in 2023 and to other countries and regions. By the end of 2025 it served consumers in markets including the United States, Japan, Germany, the United Kingdom, France, Canada and Italy. Revenues come mainly from transaction services, which are fees on merchants' completed sales, and from online marketing services and others, such as search and browse listings charged by impression or click, and display advertising sold mainly at fixed prices. Revenues were RMB431.8 billion in 2025, up from RMB393.8 billion in 2024 and RMB247.6 billion in 2023. Net income was RMB97.8 billion in 2025, compared with RMB112.4 billion in 2024 and RMB60.0 billion in 2023.

The company's customers are third-party merchants who sell on its platforms to buyers. It also works with farmers, supporting them in setting up online stores and selling directly to consumers, including through its "10 Billion Agriculture Initiative" launched in 2021. Merchants are verified at registration, and AI-based screening and review monitoring help enforce product and policy standards. Buyers can pay by credit and debit cards, mobile wallets and buy now pay later options, and the company is not dependent on any one payment provider. Buyer traffic comes largely from word-of-mouth referrals on social networks, plus online and offline marketing and coupons. Sales are seasonal, with lower traffic in the first quarter and higher sales in the fourth.

PDD relies on third-party logistics service providers and fulfillment partners, and it invests in proprietary technology, including agri-tech and supply chain technology. It competes globally with major e-commerce operators, traditional and brick-and-mortar retailers, category-focused retailers and internet companies that may enter e-commerce. At the end of 2025 it held 261 registered software copyrights and about 3,766 trademark registrations. Its principal executive offices are in Dublin, Ireland, and its registered office is in the Cayman Islands.