PDD Holdings Inc. American Depositary Shares - PDD STOCK NEWS

Pinduoduo has launched a vertical farming challenge as part of its 3rd Smart Agriculture Competition, aimed at enhancing agricultural technology through a contest for data scientists and researchers. This year's focus is on growing lettuce in shipping containers with advanced technologies like LED lighting and crop modeling, promoting both productivity and sustainability.

The competition partners include Bright Seedbase, China Agricultural University, and Zhejiang University, with support from the FAO. Past competitions have resulted in practical applications of technology in real farms.

Pinduoduo Inc. (NASDAQ: PDD) will announce its unaudited financial results for Q2 2022 on August 29, 2022, before U.S. markets open. The earnings conference call is scheduled for 7:30 AM U.S. Eastern Time on the same day. Interested parties can access the live webcast and later replay on Pinduoduo's investor relations website. The company focuses on linking agricultural producers with consumers in China, aiming to enhance productivity and create new market opportunities.

Cathay Innovation has launched its third venture capital fund, a €1B initiative aimed at transforming industries and society through sustainable investments. Backed by major corporations like Sanofi and TotalEnergies, Fund III focuses on next-gen technologies across sectors such as AI, fintech, and digital health. With a successful track record of 19 unicorns and access to extensive networks, the fund targets series A, B, and late-stage startups, promoting innovation that aligns with UN Sustainable Development Goals. This fund significantly enhances Cathay Innovation's existing €2B assets under management.

New research from Strategy Analytics reveals that 14 million smartphones were sold during China's 6.18 online shopping festival, marking a -25% year-over-year decline. Apple maintained its market leadership, selling nearly 7 million iPhones with a revenue of 41.5 billion CNY (US$ 6.3 billion), although this was a -4% decrease compared to last year. The total smartphone online sales revenue dropped by -16% to 62.6 billion CNY (US$ 9.5 billion), attributed to COVID-19 impacts and economic challenges. Xiaomi and Honor ranked second and third in sales.

Gobillion, India's social commerce platform, is seeing significant growth, aiming to raise Series A funding to enhance expansion efforts. The platform, designed to serve users in tier 2+ towns, has achieved a remarkable 10.4x increase in gross merchandise value (GMV) over eight months, currently reaching a $12M annualized run-rate. Catering to the demands of a $100 billion market, Gobillion seeks to capitalize on the social shopping behavior of customers, positioning itself as a leader in India and SE Asia.

Pinduoduo (NASDAQ: PDD) reported Q1 2022 revenues of RMB23,793.7 million (US$13,753.4 million), marking a 7% increase from Q1 2021. Monthly active users reached 751.3 million, a 4% rise, while active buyers grew by 7% year-over-year. The company achieved an operating profit of RMB2,154.4 million (US$339.8 million), reversing a loss from the previous year. Net income attributable to shareholders was RMB2,599.5 million (US$410.1 million), a significant recovery from a net loss in Q1 2021. Cash reserves stood at RMB95.2 billion (US$15.0 billion) as of March 31, 2022.

Pinduoduo Inc. (NASDAQ: PDD) will release its unaudited financial results for Q1 2022 on May 27, 2022, before U.S. market opening. An earnings conference call will take place at 7:30 AM ET on the same day, coinciding with 7:30 PM Beijing/Hong Kong Time. The call will be available for live webcast, and a replay will follow on their investor relations website. Pinduoduo focuses on connecting agricultural producers with consumers in China, promoting digital economy growth and enhancing local community productivity.

Pinduoduo is collaborating with Wageningen University & Research to enhance greenhouse-grown tomato quality. This study will explore nutrient concentration and lighting effects in high-tech greenhouses. It will include dwarf tomatoes for vertical farming and traditional high-wire varieties, using bumble bees for pollination without pesticides. The aim is to develop optimized 'crop recipes' to improve tomato quality for consumers year-round. This partnership aligns with Pinduoduo's commitment to agricultural modernization and sustainability, supporting better livelihoods for farmers in China.

Pinduoduo held its second Smart Agriculture Competition, focusing on precision greenhouse management technology. The winning team, TomaGrow, developed a user-friendly model integrating algorithms and sensors, achieving yields double that of traditional methods. Over 120 researchers participated, emphasizing productivity, sustainability, and commercial viability. The competition highlights Pinduoduo's commitment to modernizing agriculture with technology and aims to enhance food security. Pinduoduo connects 16 million farmers to over 850 million consumers, reinforcing its role as China's largest agriculture platform.