Pinduoduo, which used to only rent office spaces, has purchased a building in Xiong'an.

Another internet giant has flocked to Xiongan.

On June 21st, Pinduoduo Group officially signed a contract with PowerChina, acquiring office buildings in the Digital New Consumption E-commerce Industrial Park of Xiongan PowerChina Smart City through an overall purchase.

This is Pinduoduo's first time "buying a building".

Industrial Park in Xiongan New Area

Since its official launch in September 2015, although Pinduoduo has grown to about 25,500 employees and achieved over 430 billion in revenue, it has always adopted a light - asset office model, insisting on not buying or building buildings. Currently, the office locations of Pinduoduo, including office buildings in Jinhongqiao International Center, Yifeng Center, Jingyao Hongqiao, and DBS Bank Building, are all rented.

Not building its own headquarters, leasing office buildings in a decentralized manner, and even leasing most of its core operating assets such as servers and warehouses to reduce capital precipitation and invest funds in company operations such as the supply chain and subsidies to maintain high efficiency is almost a principle for Pinduoduo.

But this time is different. Pinduoduo chose to buy a building in Xiongan. Moreover, Pinduoduo acted very quickly this time.

On May 27th, 2026, Pinduoduo registered a company in Xiongan: Pinduoduo Information Technology Service (Xiongan) Co., Ltd., with a registered capital of 500 million yuan.

The legal representative of this branch is Yang Qingyong, the senior vice - president of Pinduoduo Group's Temu. The supervisor is Zhu Zheng, the executive president of Pinduoduo Group and the president of New Pinduoduo. The actual controller is Chen Lei, the co - founder, co - chairman, and co - CEO of Pinduoduo Group.

Yang Qingyong is a core middle - level executive of Pinduoduo, directly in charge of the domestic cross - border investment promotion and government - enterprise cooperation line. The Xiongan company led by him this time is positioned not to engage in e - commerce transactions but to focus on big data processing, cloud platforms, digital operation and maintenance, platform compliance review, and technology outsourcing services. It is the strategic entity for Pinduoduo's layout in the national - level digital new area.

Source: Tianyancha

While the new company in Xiongan was being registered, Pinduoduo started recruiting. On June 10th, the first batch of 150 employees officially joined the company.

On June 16th, Zhu Zheng, the executive president of Pinduoduo Group and the president of New Pinduoduo, led a group to conduct an inspection and research in Xiongan New Area and signed a "Strategic Cooperation Framework Agreement on Digital Services" with the Xiongan New Area Management Committee.

Zhu Zheng said: Pinduoduo Group will take root in Xiongan, serve Xiongan, increase resource investment and industrial layout, actively explore more cooperation potential, implement more business scenarios, empower the upstream and downstream of the industrial chain with digital technology, build a modern and integrated supply chain system, and contribute to the in - depth promotion of the high - quality construction and development of Xiongan New Area with practical actions.

Just five days after Zhu Zheng's visit to Xiongan, on June 21st, Pinduoduo signed a contract with Hebei Xiongan Construction and Development Co., Ltd. under PowerChina, officially announcing the "purchase of a building".

It is understood that Pinduoduo's new office building in Xiongan has a total of 12 floors. It is one of the key theme buildings in Xiongan PowerChina Smart City. The building is equipped with a large - scale conference center and training center, and welfare facilities such as a nursing room and a leisure area are provided for employees. It is expected to be officially put into use at the end of July. The canteen in the park is also under preparation. The first batch of employees of the Xiongan company are currently working in a temporary office. At that time, they will all move into the new office building.

Pinduoduo's new office building in Xiongan

Pinduoduo's new office building in Xiongan is opposite Xiongan Outlets, and two streets away are the Xiongan Fund Industrial Park and the Impression Xiongan Scenic Area.

Source: Gaode Map

Pinduoduo has released news that in the future, the Xiongan company will provide more than 5,000 job opportunities locally. Among the first batch of 150 new employees, more than 80% are from the Beijing - Tianjin - Hebei region, including many fresh graduates from Hebei universities. The three - dimensional transportation network around the new office building, which connects various places in the Beijing - Tianjin - Hebei region, also creates convenient conditions for the new company to attract all kinds of high - quality talents.

The total construction area of the Xiongan PowerChina Smart City project of PowerChina is about 1.66 million square meters, and the whole project is very large. Pinduoduo bought one of the buildings in the Western Area of Mingzhi Port, Buildings 1 - 4, with a market unit price of about 13,000 - 21,000 yuan per square meter. The park itself is positioned to "build a demonstration base for the e - commerce industry in Hebei Province, a collaborative innovation headquarters for digital e - commerce in the Beijing - Tianjin - Hebei region, and a benchmark park for the development of the national - level digital economy".

Relevant data

There are also some questions: Why is Pinduoduo willing to "pay for" an office building? And why did it choose Xiongan as its first stop? Previously, Pinduoduo did not set up large - scale subsidiaries or branches in the north. What are the strategic considerations in this move? What preferential conditions such as tax and subsidies does Xiongan provide? The author interviewed Pinduoduo, but the company said that there was no more official response other than the above information.

Some people speculate that Pinduoduo's change of strategy to spend money on buying a building and establishing a new company may be related to the huge fine of 1.522 billion yuan imposed on it in April this year. At that time, several major platforms were fined due to the chaos of "ghost takeaways", and Pinduoduo had the highest penalty amount among the seven involved platforms. Pinduoduo did not respond to this view.