The parent company of one of China’s biggest ecommerce sites has shifted its headquarters to Ireland, in what analysts suggested was a move to shield its expanding global arm from tensions between Washington and Beijing, reports the Financial Times. PDD Holdings has listed Dublin as its “address of principal executive offices” in recent US exchange filings, changing its location from Shanghai.
The holding company owns Pinduoduo, a Chinese discount ecommerce site, as well as Temu, an online marketplace that launched last year in the US and is now expanding into Europe. Temu’s importance to the parent company has grown as it bids to replicate the soaring global popularity of other Chinese companies such as the fast-fashion giant Shein.
News of the shift was first reported by Semafor and analysts suggested PDD Holdings, which is listed in the US, was pre-emptively realigning its corporate structure to protect Temu from any escalation in Washington’s offensive against Chinese tech groups.
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