PDD Holdings Jumps 7% After It Upgrades Governance Structure to Drive High-Quality Supply Chain Development

Stock News12-19

PDD Holdings jumped 7% in premarket trading after it announced an upgrade to its governance framework during its annual shareholders' meeting, implementing a co-chairman system.

With board approval, Zhao Jiazhen was appointed as co-chairman, serving alongside Chen Lei, who will continue as co-chairman and co-CEO. Since Chen Lei assumed the role of chairman in 2021 and the company introduced the co-CEO structure in 2023, PDD has consistently refined its joint governance mechanism to better align with its expanding business needs.

Zhao Jiazhen emphasized that Temu has achieved remarkable scale at an unexpected pace in recent years, a leap made possible by the advantages of China's supply chain industry. This growth presents new opportunities for domestic supply chain development and the next phase of transformation for both PDD and Temu.

The company will prioritize high-quality development, focusing heavily on China's supply chain over the next three years. By driving supply chain upgrades and brand enhancement, PDD aims to achieve another breakthrough, effectively "rebuilding" itself.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment