PDD Holdings Inc has officially announced the formation of the "New Pinmu" project, pledging to invest 100 billion USD in cash over the next three years. This initiative marks the company's entry into brand self-operation and represents a continued major investment in China's supply chain, aiming to drive high-quality and brand-oriented development for domestic industries. A new specialized company for "New Pinmu" has already been established in Shanghai, with an initial cash injection of 15 billion USD completed.

This move signifies that PDD's cross-border business is entering a new phase centered on brands. Building on the previous platform-based operations of Temu, "New Pinmu" will deeply engage with China's supply chain to incubate Chinese brands with international influence.

This strategy is the latest to be implemented since Zhao Jiazhen assumed the role of Co-Chairman at PDD last December. Zhao Jiazhen stated that 2026 presents a critical window for the transformation and upgrading of the domestic supply chain. The company will mobilize all its resources, ensuring a unified effort across the organization, to achieve a high-quality transformation for "New Pinmu" in self-operated domestic brands within three years. The goal is to facilitate the upgrade and value leap of China's supply chain.