Pinduoduo launches new 10-billion-yuan initiative with profits to support agricultural modernization and rural vitalization
SHANGHAI, China, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Pinduoduo Inc. (PDD: NASDAQ), China’s largest agricultural platform, today announced that it would launch a dedicated “10 Billion Agriculture Initiative” (henceforth “Initiative”) to face and address critical needs in the agricultural sector and rural areas.
Profits from the second quarter and any potential profits in future quarters would be allocated to the Initiative. 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 talents and workers with greater motivation and a sense of achievement.
Although the “10 Billion Agriculture Initiative” will clearly impact the short-term earnings per share for shareholders, the Initiative has already received the support and approval of the Board of Directors, and will be personally overseen by Chairman and CEO Chen Lei. The company will subsequently convene a shareholders’ meeting to seek the support of majority shareholders.
“This is an important and challenging task, which we will invest in patiently,” said Chen. “All profits from the second quarter and any potential profits in future quarters will first be allocated towards this initiative until the total 10 billion yuan commitment is fulfilled.”
Earlier this year, Pinduoduo was among three technology companies commended for their contributions to China’s poverty alleviation efforts.
Pinduoduo’s agriculture-related initiatives include improving downstream market access for farmers and helping them to build brands, training younger talent to set up agri-businesses, and revamping midstream logistics infrastructure to reduce waste, lower costs and speed up the delivery of agricultural food products.
The company also works with industry partners and universities to develop and implement upstream technology to increase agricultural productivity.
To help farmers sell better, Pinduoduo is promoting high-quality produce from more than 400 growing regions as part of its annual harvest festival, including specialties from 100 of China’s geographical indications.
Pinduoduo kicked off its yearly Smart Agriculture Competition this month, inviting participants from around the world to take part in a precision farming contest. The aim is to attract more young talent to apply their skills in agriculture and develop technology that can help farmers boost productivity and income, as well as grow more nutritious food with less environmental impact.
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.
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