The Chinese parent company of the low-cost shopping platform Temu has reported a 144 percent increase in profits in the second quarter. Shanghai-based PDD Holding reported a net quarterly profit of 32 billion yuan (around four billion euros) on Monday. The group was able to increase sales by 86 percent to 97 billion yuan compared to the same period last year.
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PDD owns the mail order company Pinduoduo, which is extremely successful in China. Temu is the counterpart active outside of China. The platform lures customers with extreme bargains, but is also repeatedly criticized for poor quality, undelivered shipments and, last but not least, the catastrophic climate and environmental impact of its products.
The founder of PDD, Colin Huang, a former employee of Google in China, is now the richest man in the country. According to the ranking by the financial news agency Bloomberg, the 44-year-old has a fortune of 48.6 billion dollars (44.5 billion euros). In a global comparison of the largest fortunes, he is therefore in 25th place.
