Pinduoduo launches new 10-billion-yuan initiative with profits to support agricultural modernization and rural vitalization
August 24 2021 - 7:24AM
Pinduoduo Inc. (PDD: NASDAQ), China’s largest agricultural
platform, today announced that it would launch a dedicated “10
Billion Agriculture Initiative” (henceforth “Initiative”) to face
and address critical needs in the agricultural sector and rural
areas.
Profits from the second quarter and any potential profits in
future quarters would be allocated to the Initiative. The
Initiative would not be driven by profit or commercial goals, but
strive to facilitate the advancement of agritech, promote digital
inclusion, and provide agritech talents and workers with greater
motivation and a sense of achievement.
Although the “10 Billion Agriculture Initiative” will clearly
impact the short-term earnings per share for shareholders, the
Initiative has already received the support and approval of the
Board of Directors, and will be personally overseen by Chairman and
CEO Chen Lei. The company will subsequently convene a shareholders’
meeting to seek the support of majority shareholders.
“This is an important and challenging task, which we will invest
in patiently,” said Chen. “All profits from the second quarter and
any potential profits in future quarters will first be allocated
towards this initiative until the total 10 billion yuan commitment
is fulfilled.”
Earlier this year, Pinduoduo was among three technology
companies commended for their contributions to China’s poverty
alleviation efforts.
Pinduoduo’s agriculture-related initiatives include improving
downstream market access for farmers and helping them to build
brands, training younger talent to set up agri-businesses, and
revamping midstream logistics infrastructure to reduce waste, lower
costs and speed up the delivery of agricultural food products.
The company also works with industry partners and universities
to develop and implement upstream technology to increase
agricultural productivity.
To help farmers sell better, Pinduoduo is promoting high-quality
produce from more than 400 growing regions as part of its annual
harvest festival, including specialties from 100 of China’s
geographical indications.
Pinduoduo kicked off its yearly Smart Agriculture Competition
this month, inviting participants from around the world to take
part in a precision farming contest. The aim is to attract more
young talent to apply their skills in agriculture and develop
technology that can help farmers boost productivity and income, as
well as grow more nutritious food with less environmental
impact.About Pinduoduo Inc.
Pinduoduo is a mobile-only marketplace that connects millions of
agricultural producers with consumers across China. Pinduoduo aims
to bring more businesses and people into the digital economy so
that local communities can benefit from the increased productivity
and convenience through new market opportunities.
For more information on Pinduoduo news and industry trends,
please visit the content hub
at https://stories.pinduoduo-global.com.
For media inquiries, please contact internationalmedia@pinduoduo.com.
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