Fast-growing online consumer goods site moved ‘principal executive offices’ from Shanghai to Dublin in 2022
Online marketplace Temu ran €720 million in income through an Irish subsidiary in its first 17 months of operation. Photograph: Thomas Trutschel/Photothek via Getty Images, a US-based online marketplace that sells products manufactured in China, ran $790 million in income through an Irish company in its first 17 months of operation, new accounts show.
It also earned $33.1 million in interest on cash and short-term investments, bringing its total income for the year to $791.1 million.Nursing home fees: can I claim tax relief on behalf of my dad? The accounts show that the Whaleco Technology had total assets worth $1.8 billion, made up of just under $990 million in cash and cash equivalents, short-term investments worth $406.4 million, and amounts owed by debtors of nearly $450 million.Meanwhile, it owed $1.8 billion to creditors. The largest proportion of that – $964.7 million – was owed to group undertakings, while just over $480 million was owed to trade creditors.
PDD was founded in 2015 by Colin Huang, a Chinese tech billionaire, who initially launched Pinduoduo, an ecommerce website mostly focused on selling agricultural products.Temu has been growing rapidly since then. According to the European Commission, the sales platform has more than 45 million monthly users in the European Union.
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