Country Now Comes Before Profit For Companies in Xi’s China
- Pinduoduo pledges to give away about $1.5 billion in profit
- Contribution comes after companies like Tencent made donations
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China’s biggest companies are starting to make a habit out of giving away their earnings.
In the latest example, Pinduoduo Inc., an e-commerce company known for giving big discounts to customers when they buy produce together, said it will donate all of its first net profit since going public to support the country’s farmers and agricultural areas. The company will keep giving away earnings at least until the donations reach 10 billion yuan ($1.5 billion).