PDD embraces China’s ‘city of the future’ after bruising regulatory clash and record fine

AI Summary

PDD Holdings, operator of Temu and Pinduoduo, is increasing its presence in China's state-backed Xiongan New Area, a development zone promoted as a 'city of the future.' This move follows a severe regulatory crackdown, including a record food-safety fine and accusations of enforcement obstruction.

The operator of budget online marketplaces Temu and Pinduoduo is ramping up its commitment in a state-backed development zone – dubbed a “city of the future” in official discourse – months after the e-commerce group was hit by the heaviest penalty in a record food-safety crackdown and accused by regulators of obstructing enforcement. PDD Holdings had more than 600 employees at its unit in the Xiongan New Area by the end of June, making it the development zone’s largest privately owned internet...