Pinduoduo posts 2Q results, unveils “10 Billion Agriculture Initiative – GlobeNewswire

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SHANGHAI, China, Aug. 24, 2021 (GLOBE NEWSWIRE) — Pinduoduo Inc. (PDD: NASDAQ), China’s largest agricultural platform, posted a 89% obtain in second-quarter income as extra consumers shopped by way of the platform.

Revenue for the three months ended June 30, 2021 rose to 23.0 billion yuan (US$3.6 billion), The agency said in a submitting. The Quantity of clients who placeed orders by way of Pinduoduo Inside the trailing 12-month interval rose to 849.9 million.

Pinduoduo On The identical time introduced that It’d launch a devoted “10 Billion Agriculture Initiative” (henceforth “Initiative”) to face and tackle essential wants Inside the agricultural sector and rural areas.

Revenue from the second quarter and any potential revenues in future quarters Can be allotted to the Initiative. The Initiative Wouldn’t be pushed by revenue or enterprise goals, however try to facilitate the development of agritech, promote digital inclusion, And current agritech expertise and staff with greater motivation and A Method of accomplishment.

Although the “10 Billion Agriculture Initiative” will clearly influence the brief-time period earnings per share for shareholders, the Initiative has already acquired the assist and approval of the Board of Directors, and Shall be personally overseen by Chairman and CEO Chen Lei. The agency will subsequently convene a shareholders’ meeting To hunt the assist of majority shareholders.

“We think about that investing in agriculture will reap outsized social advantages as a Outcome of agriculture is the nexus of meals safety and extreme quality, public well being and environmental sustainability,” said Chen Lei. “We’re In a place to give again as a Outcome of our clients have placeed their notion in us. We’re grateful For his or her fixed assist And might proceed to do Our biggest to serve them and all our stakeholders.”

Pinduoduo has made enhancing agriculture and serving to rural communities a core An factor of its strategy Since the very starting. Earlier this yr, Pinduoduo was amongst three know-how corporations recommended by the central authorities For his or her contrihoweverions to China’s poverty alleby way oftion efforts.

Pinduoduo’s agriculture-associated initiatives embrace enhancing downstream market entry for farmers and serving to them To assemble manufacturers, teaching youthfuler expertise to Arrange agri-companies, and revamping midstream logistics infrastructure To Scale again waste, decrease prices and velocity up the supply of agricultural meals merchandise.

The agency additionally works with enterprise companions and universities to develop and implement upstream know-how To enhance agricultural productiveness.

To assist farmers to promote greater, Pinduoduo is promoteing extreme-extreme quality produce from Greater than 400 rising areas as An factor of its annual harvest pageant, collectively with specialties from 100 of China’s geographical indications.

Pinduoduo kicked off its yrly Smart Agriculture Rivals this month, inviting individuals from Throughout the globe To Take part in a precision farming contest. The purpose is To draw extra youthful expertise To use their expertise in agriculture and develop know-how Which will assist farmers increase productiveness and income, As properly as to develop extra nutritious meals with much less environmental influence.

About Pinduoduo Inc.

Pinduoduo is a mobile-solely market that connects hundreds of hundreds of agricultural producers with consumers across China. Pinduoduo purposes to convey extra companies And completely different people into the digital financial system So as that native communities can revenue from the enhanced productiveness and comfort by way of new market alternatives.

For extra information on Pinduoduo information and enterprise tendencies, please go to the content material hub at https://tales.pinduoduo-worldwide.com.


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