Pinduoduo is giving its entire profit for last quarter back to rural China
One of China's biggest tech firms has pledged to hand over its entire profit for the last quarter to rural development projects in the country as Beijing steps up the pressure for wealth redistribution.
E-commerce firm Pinduoduo (PDD) pledged to donate the $372 million it made in the three months through June 30 toward the development of China's agricultural sector and rural areas. In total, it expects to donate 10 billion yuan ($1.5 billion) toward such causes.
"This is an important and challenging task, which we will invest in patiently," said Chen Lei, chairman and CEO of Pinduoduo, adding in a statement that he would personally oversee the project.