- Chinese e-commerce platform Pinduoduo Inc (NASDAQ:PDD) quietly launched in the U.S., aiming to crack an Amazon.com Inc (NASDAQ: AMZN)-dominated market, Nikkei Asia reports.
- China’s fast-fashion heavyweight Shein also made inroads in the market.
- Pinduoduo kept a very low profile launch of Temu, the first overseas expansion of the Tencent Holding Ltd (OTC:TCEHY)-backed platform, which went live for U.S. users on September 1.
- Also Read: US TikTok Frenzy Forces China’s PinduoDuo’s Hand In US Expansion Plans
- The Temu site sells a range of products from clothes to electronics at relatively low prices but lacks the vast selection of some of its competitors.
- Pinduoduo will reportedly conduct a trial from September 1 to September 15.
- For the first vendors on Temu, Pinduoduo prefers those who already have cross-border e-commerce experience on platforms like Amazon or Shein.
- Chelsey Tam, the senior equity analyst at Morningstar, said she believes Pinduoduo wants to bring the group-buying model for which it is known to markets outside China.
- But she warned that Pinduoduo might find the going harder in new markets.
- Alibaba Group Holding Limited (NYSE: BABA) has invested heavily in Southeast Asia in the past few years.
- Shein recently surpassed Amazon as the most downloaded shopping app in the U.S.
- Chinese companies, including Alibaba and Tencent, emphasized overseas focus to beat the domestic regulatory crackdown impact that shaved off over $1 trillion of market value from the companies.
- Price Action: PDD shares traded lower by 0.92% at $72.03 on the last check Friday.
JMP Securities Reiterates Market Outperform on Pharvaris, Maintains $23 Price Target
JMP Securities analyst Jonathan Wolleben reiterates Pharvaris (NASDAQ:PHVS) with a Market Outperform and maintains $23 price target.
