Annual General Meeting: Pinduoduo Responds to EU ＂Dawn Raid＂ Inquiry

On December 19, Pinduoduo Group announced the implementation of a co-chairmanship system at its annual shareholders' meeting, appointing Zhao Jiayun as co-chairman, serving alongside Chen Lei as co-chairmen and co-CEOs. In response to recent rumors about the EU conducting a "dawn raid" investigation into Temu, Chen Lei stated that Temu has already achieved significant market scale in various countries, completing in three years what took domestic e-commerce platform Pinduoduo a decade. The resulting surprise, concerns, and increased scrutiny are understandable.