Core Viewpoint - Pinduoduo has appointed Zhao Jiazhen as co-chairman and co-CEO, setting a goal for Temu to replicate Pinduoduo's success over the next three years, which raises questions about decision-making authority within the company [2] Group 1: Leadership Structure - The new co-chairman system marks a significant shift in Pinduoduo's governance, placing Zhao Jiazhen in the highest decision-making tier alongside Chen Lei, who oversees the mature domestic business [4] - Chen Lei's role focuses on maintaining the existing business model, emphasizing cost efficiency and supply chain optimization, while Zhao Jiazhen is tasked with aggressive expansion in new markets like Temu [3][4] - This dual leadership structure introduces a dynamic balance of power, potentially leading to strategic competition between the two leaders [5] Group 2: Strategic Implications - The co-CEO arrangement is often seen as a transitional phase in tech companies, typically used to balance internal factions or during mergers, suggesting that it may not be a long-term solution [6][7] - Historical data indicates that companies with co-CEO structures have achieved higher shareholder returns, but Pinduoduo's implementation appears to be more about establishing a new power balance than merely improving collaboration [9] - The ultimate decision-making power may still rest with founder Huang Zheng, as the co-chairman system could lead to a struggle for influence between the two leaders [9]

Company News - Trump Media Technology Group announced a merger with a nuclear fusion energy company [1] - OpenAI released GPT-5.2-Codex [1] - Google Cloud announced an expansion of its partnership with cybersecurity company Palo Alto Networks [1] Market Dynamics - Pinduoduo's stock rose over 6% in pre-market trading [1] - Oracle's stock increased by more than 4% in pre-market trading [1] - Nvidia's stock rose over 1% in pre-market trading [1]

拼多多(PDD.O)美股盘前上涨7.1%。 本文源自：金融界AI电报 ...

Core Insights - PDD Holdings has appointed Jiazhen Zhao as co-chairman of the board, alongside current CEO Lei Chen [1] Company Developments - Jiazhen Zhao, previously serving as co-CEO, will now take on the role of co-chairman [1] - This leadership change reflects the company's strategic direction and governance structure [1]

#行情 拼多多美股盘前大涨，一度涨逾8%。拼多多今日召开年度股东大会，宣布实行联席董事长制度，任命赵佳臻为联席董事长，与陈磊共同担任联席董事长兼联席CEO。 ...

Core Viewpoint - Pinduoduo announced an upgrade to its corporate governance structure by implementing a co-chairman system during its annual shareholder meeting, with Zhao Jiazhen and Chen Lei serving as co-chairmen and co-CEOs, indicating a strategic shift towards focusing on high-quality development and supply chain upgrades [1][2][3] Group 1: Corporate Governance Changes - The introduction of the co-chairman system aims to better adapt to the evolving business needs of Pinduoduo, enhancing its governance framework since the appointment of Chen Lei as chairman in 2021 and the establishment of co-CEOs in 2023 [2] - Zhao Jiazhen's appointment as co-chairman is seen as a step towards the next phase of the company's transformation, aligning with the overall strategy of focusing on supply chain upgrades and high-quality development [2][3] Group 2: Business Development and Strategy - Pinduoduo's Temu business has rapidly expanded, achieving significant market scale in many countries within three years, equivalent to the domestic e-commerce growth Pinduoduo experienced over a decade [1][3] - The company is committed to high-quality development and aims to focus on the Chinese supply chain as the core of its future business strategy, moving away from diversification [3][5] - Recent initiatives, such as the "2025 Duoduo Good Specialty" campaign, have led to a 47% year-on-year increase in sales of agricultural products on the platform, emphasizing the shift towards quality over quantity [3] Group 3: Challenges and Compliance - Pinduoduo acknowledges the challenges posed by rapid changes in international geopolitical and regulatory environments, emphasizing the need for systematic reforms in governance and talent systems to keep pace with business expansion [3][4] - The company maintains a long-term perspective, focusing on compliance and social responsibility as fundamental principles in its operations, especially in light of expanding cross-border business [4]

拼多多集团日前在年度股东大会宣布升级治理架构，实行联席董事长制度。经董事会批准，赵佳臻获任联席董事长，与陈磊共同担任联席董事长兼联席 CEO。 拼多多称，自2021年陈磊接棒公司董事长、2023年公司设置联席CEO以来，拼多多持续完善联席治理机制，以更好适应日益发展的业务需要。 赵佳臻表示，"我和陈磊担任联席董事长将有利于拼多多集团步入下一个阶段的升级再造，有利于落地集团'聚焦、重投供应链升级，高质量发展'的整体战 略，也体现了集团战略的重心。" 会上，拼多多还宣布了两项高管任命，王密出任集团工程高级副总裁，李炯出任集团财务总监。 雷递网 乐天 12月19日 王密此前担任拼多多集团研发副总裁，曾在腾讯、甲骨文任职；李炯拥有丰富财务从业经验，加入拼多多前任职于毕马威。 雷递由媒体人雷建平创办，若转载请写明来源。 ——————————————— ...

Group 1 - The company announced a governance structure adjustment, implementing a co-chairman system, appointing Zhao Jiazhen as co-chairman alongside Chen Lei, who will also serve as co-CEO [2] - Zhao Jiazhen highlighted the rapid expansion of Temu over the past few years, which is closely related to the industrial dividends released by the Chinese supply chain system [2] - The company plans to allocate more resources to the Chinese supply chain, focusing on supply chain capability reconstruction and operational model upgrades, with an emphasis on product quality and brand building [2] Group 2 - Chen Lei revealed that Temu has achieved significant market scale in most countries globally, completing in three years what took Pinduoduo ten years in the domestic e-commerce market [2] - The company recognizes the importance of compliance as a baseline, emphasizing the need to meet societal expectations and contribute positively as a corporate entity [2]

Group 1: Company Updates - ShuoBeide denied rumors about securing a mass production order for phased array antennas from SpaceX's Starlink, stating the information is not true [1] - Zhongyuan Neipei's subsidiary signed a strategic cooperation framework agreement with Ningbo Puzhi Future Robotics for humanoid robot-related business, with the Shanghai subsidiary expected to become a core supplier [2] - Pinduoduo announced an upgrade to its governance structure, implementing a co-chairman system with Zhao Jiazhen and Chen Lei serving as co-chairmen and co-CEOs [3] - Pinduoduo responded to EU inquiries regarding Temu, highlighting its rapid market growth and the understandable scrutiny it faces [4] - McDonald's China reported over 7,500 stores nationwide and plans to implement bio-based new packaging, aiming to reduce approximately 5,800 tons of petroleum-based plastic annually [5] - Anta officially integrated over 1,000 offline stores into Taobao Flash Sale, with plans to expand to over 4,000 stores by 2026 [6] - Lenovo is reportedly maintaining close communication with ByteDance regarding AI phone collaborations, focusing on smart terminal cooperation [7] Group 2: Industry Developments - TikTok's CEO announced the establishment of a new joint venture for data security in the U.S., with ByteDance retaining control over e-commerce and advertising operations [8] - A new venture capital fund was established in Wuhan with a total investment of 200 million RMB, focusing on private equity and venture capital management [9] - Japan's Toyama Prefecture plans to build the country's largest data center hub with a total power capacity of 3.1 gigawatts, aiming to become a global data center leader [10] - South Korea plans to begin nuclear fusion power generation tests as early as 2030, advancing its timeline by nearly 20 years [11] - The journal "Science" named global renewable energy growth as the top scientific breakthrough for 2025, indicating a significant shift led by China [12] - The first high-altitude rock cave computing power cabin in China has been put into operation, featuring an investment of 350 million RMB and capable of performing 60 billion billion floating-point operations per second [13] - Disney's "Zootopia 2" has become the largest box office success in China, surpassing 3.6 billion RMB and highlighting the strategic value of the Chinese film market [14]

Core Viewpoint - The rapid growth of Temu has prompted scrutiny and regulatory investigations, which is seen as a natural response to its significant market expansion in a short period [2] Group 1: Company Response - The co-chairman of Pinduoduo, Chen Lei, acknowledged the impressive market scale Temu has achieved globally, completing in three years what Pinduoduo took ten years to accomplish domestically [2] - Chen Lei emphasized that the current regulatory checks will lay a solid foundation for the next phase of growth and will guide the exploration of business model iterations in a rapidly changing international political and policy environment [2] Group 2: Business Philosophy - The company adheres to a long-termism approach, focusing on sustainable development in various markets while rooted in the Chinese supply chain [2] - As the business scales and regulatory environments evolve, the company recognizes compliance as a fundamental requirement and emphasizes its responsibility to contribute positively to society [2]