THE WHAT? Chinese e-commerce firm, PDD Holdings has moved its headquarters from Shanghai to Dublin, according to a report published by Nikkei Asia.
THE DETAILS The move was declared in a US SEC filing, with the ‘principal executive offices’ of discount platforms Temu and Pinduoduo listed as Dublin, Ireland.
THE WHY? The move is part of PDD’s wider mission to build its presence in overseas markets and to build trust among regulators and consumers amid security and privacy concerns. Ireland is also said to charge comparatively low corporation tax, boasts a skilled workforce and is a member of the European Union, making it a popular choice for tech firms.