What happened in China Pinduoduo launched its 'New Pinmu' strategy and committed RMB 100 billion (≈$14 billion) to a wholesale supply chain overhaul. The company established the New Pinmu entity in Shanghai with an initial investment of 15 billion yuan (≈$2.1 billion), with the full 100 billion yuan (≈$14 billion) earmarked over three years. The strategy integrates supply chain resources from both Pinduoduo's domestic platform and Temu, its global arm, with a specific mandate to build self-operated brand capabilities — meaning Pinduoduo will not merely aggregate manufacturers but will direct, co-develop, and in some cases control the production process itself. Co-founder and executive Zhao Jiazhen was notably candid in signalling that margin swings will be the norm during this investment cycle. That is not a warning; it is a strategic declaration. PDD is explicitly choosing structural dominance over short-term profitability, even as revenue rose 7% and net profit fell…