Company profile · E-commerce
PDD Holdings (Pinduoduo and Temu)
拼多多 (Pīnduōduō) / Temu
PDD Holdings runs Pinduoduo, the discount marketplace that became China's second-largest e-commerce platform by users in under a decade, and Temu, the cross-border app launched in 2022 that ships low-priced Chinese goods directly to consumers in the United States, Europe and beyond and has reshaped parcel logistics and customs policy in its destination markets.
Key facts
Overview
Colin Huang founded Pinduoduo in Shanghai in 2015 with a group-buying model in which shoppers share deals through WeChat to unlock lower prices; it grew fastest in lower-tier cities and among price-sensitive shoppers, listed on Nasdaq in 2018, and by 2020 had more annual active buyers than Alibaba. Its agricultural sourcing programmes and heavy subsidies defined its brand. In September 2022 the group launched Temu in the United States: a consumer app selling goods consigned by Chinese manufacturers at very low prices with the platform handling pricing, marketing and cross-border shipping. Temu expanded to more than 70 markets in two years and became one of the most downloaded apps in the world.
The holding company moved its registered domicile to Ireland in 2023 and reports as PDD Holdings; revenue reached 431.8 billion yuan in 2025.
Market position
Second-largest e-commerce platform in China by users and gross merchandise value after Alibaba, and the fastest-growing cross-border retailer worldwide through Temu, which competes with Amazon, Shein and AliExpress on price.
Key strengths
- Low-price positioning and manufacturer-direct consignment model
- Very large user base in China's lower-tier cities
- Temu's rapid international expansion
- Agricultural e-commerce programmes
- Lean cost structure and high margins
What the company does
China marketplace
- Pinduoduo consumer marketplace
- Duoduo Grocery community group buying
- Agricultural sourcing programmes
Cross-border retail
- Temu consumer app in more than 70 markets
- Fully managed and semi-managed models for Chinese sellers
- Local warehousing in the US and Europe
Present in about 70 countries. Regions: China, United States, Europe, Latin America, Middle East, Japan and Korea. Temu launched in the US in September 2022 and expanded through 2023–2024.
For a foreign counterparty
- Channel to Chinese price-sensitive consumers
- For sellers of everyday goods, Pinduoduo reaches buyers other platforms do not.
- Temu as an export channel
- Chinese manufacturers reach foreign consumers without building brands or logistics; foreign sellers can join Temu's local-seller programmes.
- Low fees
- Consignment and managed models reduce the seller's marketing and logistics burden.
Considerations
- Regulatory scrutiny abroad
- Temu is under EU Digital Services Act proceedings for product-safety and illegal-product controls, under US scrutiny over forced-labour compliance, and was the main target of the end of the US de minimis exemption in 2025, which raised its shipping costs.
- Margin pressure on suppliers
- Temu's pricing model squeezes consignors; disputes over penalties and pricing are common.
- Profit decline
- PDD's 2025 net income fell 12 % as it invested in merchant support and international expansion.
Milestones
- 2015-09 — Pinduoduo launched in Shanghai
- 2018-07 — Nasdaq IPO
- 2020 — Annual active buyers surpass Alibaba's
- 2022-09 — Temu launched in the United States
- 2023-02 — Holding company renamed PDD Holdings; domicile moved to Ireland
- 2024 — Temu reaches more than 70 markets
- 2025 — US de minimis exemption ends for Chinese parcels; EU DSA proceedings continue
- 2026-03 — 2025 results: revenue 431.8 billion yuan, net income down 12 %
Official site: www.pddholdings.com
Frequently asked questions
Other companies in e-commerce: Alibaba · JD.com
Sources
- PDD Holdings reports 2025 revenue of RMB 431.8 billion — Yahoo Finance (retrieved 6 September 2026)
- PDD Holdings — investor relations — PDD Holdings (retrieved 6 September 2026)
- Commission proceedings against Temu under the Digital Services Act — European Commission (retrieved 6 September 2026)
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