Chinese e-commerce giant PDD Holdings - owner of shopping platform Temu - announced a big jump in net profit for the second quarter.
The company continues to increase its competitiveness in the country and abroad.
The Shanghai-based company reported a net profit of $4.4 billion for the quarter that ended June 30, a 144 per cent year-over-year increase, the company said in a statement.
Its sales have increased by 86% on an annual basis to 13.4 billion dollars, reported AFP.
PDD Holdings is the parent company of Pinduoduo, a Chinese online marketplace for cheap products launched in 2015. The international version, Temu, attracts users with its low prices and powerful algorithms.
The platform became one of the most popular for online shopping in the US, supported by a marketing strategy that included numerous ads even in the prime time of the Super Bowl.
Temu is also one of the fastest-growing apps in Europe, despite only entering the EU market in April 2023, and is already under fierce scrutiny from user groups over its practices.
PDD Holdings founder Colin Huang, whose fortune is estimated at $48.6 billion, recently became China's richest man, the Bloomberg Billionaires Index showed in August.
In April, regulators in South Korea launched an investigation into Temu on suspicion of unfair practices, including false advertising and poor product quality. | BGNES
