Qingdao teams up with ecommerce player Pinduoduo

As part of the deal, Pinduoduo will operate an ecommerce streaming studio, subsidised by the Qingdao government, to promote local seafood brands and products. As stated by SeafoodSource, the company will bring its ecommerce and social media expertise to generate CNY 80 billion (USD 11,2 billion) in annual sales for Qingdao seafood and food processing companies.

Pinduoduo’s total revenues in 2019 were CNY 30.1 billion (USD 4.32 billion), up 130% from CNY 13.12 billion (USD 1.83 billion) in 2018. Yet the company lost CNY 8.5 billion (USD 1.22 billion) in 2020, putting more pressure to generate new sources of revenue, SeafoodSource concluded.

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