PDD Holdings Plants a Flag in Xiong'an, Signaling Pinduoduo's Industrial Internet Pivot (opens original article in a new tab)

PDD Holdings established a wholly-owned technology subsidiary in Xiong'an New Area with 500 million RMB in registered capital, indicating a shift from consumer e-commerce to industrial internet services.

• PDD Holdings created a technology subsidiary in Xiong'an New Area
• The subsidiary has 500 million RMB in registered capital
• This marks a strategic shift from consumer e-commerce to industrial internet