A major shareholder in NASDAQ-listed agricommerce platform Pinduoduo has applied with Chinese authorities to register a Pinduoduo-related payments trademark.
Shanghai Xunmeng Information Technology Co., Ltd. (上海寻梦信息技术有限公司) is currently in the process of applying for the trademark “Pinduoduo Pay” (拼多多支付), according to information from data provider Tianyancha (天眼查).
Shanghai Xunmeng is a wholly owned subsidiary of Hangzhou Aimi Network Technology, which is in turn a key shareholder in agricommerce platform Pinduoduo.
Pinduoduo was first founded in 2015 and saw extremely rapid growth following its establishment, listing on the NASDAQ stock exchange in July 2018.
Analysts point out that it is increasingly common for Chinese Internet platforms to apply to obtain payments licenses and offer online payments services, as they seek to expand their product offerings and create their own diversified online ecosystems.
TikTok’s Chinese counterpart Douyin recently announced that it was offering payments services to users via “Douyin Pay” (抖音支付), following the acquisition of a payments license by ByteDance CEO Zhang Yiming in September 2020.