PDD Holdings Inc., the Nasdaq-listed multinational commerce group that owns the online marketplaces Temu (tee-moo) and Pinduoduo, announced it had changed its name.
Previously known as Pinduoduo Inc., PDD Holdings will retain its ticker PDD on the Nasdaq stock exchange. The name change was approved at the company’s 2023 annual general meeting held on Feb. 8, according to the company’s filing to the Securities and Exchange Commission.
PDD owns and operates a portfolio of businesses, including Temu, an e-commerce marketplace in the US, and Pinduoduo, a social commerce platform in China with agriculture as one of its pillars. PDD 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.
Over the years, PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses. Temu has been able to tap into this network of qualified vendors and shipping partners to quickly scale up its operations. The Boston-based marketplace now features 29 major product categories supplied by thousands of merchants. The mobile app has been the No. 1 most downloaded free app on major US app stores, with an estimated 19 million lifetime installs, according to Sensor Tower.
Temu’s sister company, Pinduoduo, is a social commerce platform that has made the digitization of agriculture a key priority. Pinduoduo was awarded the 2022 FAO Innovation by the UN agency in recognition of its work in developing a unique platform to connect smallholder farmers with the market and improving the lives and livelihoods of millions of farmers.
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