Country now comes before profit for companies in Xi’s China
NEW DELHI: China’s biggest companies are starting to make a habit out of giving away their earnings.
In the latest example, Pinduoduo Inc, an e-commerce company known for giving big discounts to customers when they buy produce together, said it will donate all of its first net profit since going public to support the country’s farmers and agricultural areas.
The company will keep giving away earnings at least until the donations reach 10 billion yuan ($1.5 billion).
“Improving agriculture has been at the front and center of our business from the very beginning. Agriculture touches the daily lives of everyone and has a relatively low digitization rate,” chief executive officer Chen Lei told analysts on a postresults call. “We want to bring even more farmers on board and work with them to improve their lives and livelihood.”
PDD’s announcement comes after a series of similar contributions from the country’s biggest companies and wealthiest people.
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