PDD Holdings jumped 7% in premarket trading after it announced an upgrade to its governance framework during its annual shareholders' meeting, implementing a co-chairman system.

With board approval, Zhao Jiazhen was appointed as co-chairman, serving alongside Chen Lei, who will continue as co-chairman and co-CEO. Since Chen Lei assumed the role of chairman in 2021 and the company introduced the co-CEO structure in 2023, PDD has consistently refined its joint governance mechanism to better align with its expanding business needs.

Zhao Jiazhen emphasized that Temu has achieved remarkable scale at an unexpected pace in recent years, a leap made possible by the advantages of China's supply chain industry. This growth presents new opportunities for domestic supply chain development and the next phase of transformation for both PDD and Temu.

The company will prioritize high-quality development, focusing heavily on China's supply chain over the next three years. By driving supply chain upgrades and brand enhancement, PDD aims to achieve another breakthrough, effectively "rebuilding" itself.