Pinduoduo increases its focus on R&D, steps up investments in agriculture and agritech industry
Pinduoduo Inc. (NASDAQ: PDD), China’s largest agriculture platform,
pledged to deepen its investment in research and development
(R&D) and agricultural technology to raise productivity and
promote long-term sustainable development.
The company posted 21.5 billion yuan ($3.3 billion) in revenue
for the three months ended September, while the number of users who
placed orders in the trailing 12-month period rose to 867.3
“We are placing more focus on investments in R&D, away from
the previous emphasis on sales and marketing in our first five
years,” said Chen Lei, Chairman and Chief Executive Officer of
Pinduoduo. “We want to leverage our strength in technology to
deepen our digital inclusion efforts in agriculture, and will
allocate all profits from the third quarter to the '10 Billion
“The increased focus on R&D plays to the strengths of our
management, given our training and backgrounds in engineering,”
Chen added. He also noted that the company will promote more young
leaders to take on more critical roles.
Pinduoduo has made investing in food and agricultural systems a
key strategic priority to improve productivity and efficiency,
which would benefit consumers, farmers, and society.
The company announced in August that it would allocate profits
from the second quarter and any potential future profits to its “10
Billion Agriculture Initiative” which is dedicated to addressing
critical needs in the agricultural sector and rural areas.
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 talent with greater
motivation and a sense of achievement. The Initiative was approved
by Pinduoduo’s shareholders at the end of September.
“Technology and talent are key to promoting agricultural
modernization, and we are taking a systematic approach to encourage
more young talent to consider a career in agriculture,” said
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 and industry trends, please
visit the content hub
For investor and media inquiries, please contact us at:
Historical Stock Chart
From Nov 2022 to Dec 2022
Historical Stock Chart
From Dec 2021 to Dec 2022