PDD Holdings

PDD Holdings operates a platform-based commerce model. It creates value by aggregating consumer demand and merchant supply inside mobile-first marketplaces, then improving conversion through discovery feeds, group-buying mechanics, promotions and in-platform advertising. Merchants list products and pay the company through commissions, ad spend and related platform services, while consumers are attracted by low pricing, gamified shopping and broad product selection.

PDD Holdings is a public multinational commerce group headquartered in Ireland that owns and operates the Pinduoduo and Temu marketplace businesses. Its core business is operating large-scale digital commerce platforms that connect third-party merchants with consumers, with Pinduoduo focused on value-oriented domestic commerce in China and Temu positioned as a global cross-border marketplace.

The group makes money primarily from merchant-facing revenue streams rather than selling its own software. These include transaction-based marketplace commissions, advertising spend from sellers and brands that want more visibility inside the marketplaces, and related merchant services. Its direct paying customers are merchants and brands using its platforms, while end consumers use the apps and websites to discover and purchase low-cost goods.