PDD HOLDINGS INC
PDD
Consumer Discretionary
3
exclusion reasons
2 themes
PDD HOLDINGS INC is screened out under 3 exclusion reasons spanning 2 issue categories.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
PDD Holdings (operator of Temu and Pinduoduo) was flagged by the U.S. House Select Committee on the CCP in 2023 for operating with an "extremely high risk of forced labor contamination" in its supply chain. The committee's investigation found the company was evading the Uyghur Forced Labor Prevention Act (UFLPA) through de minimis shipping loopholes, allowing goods produced with forced labor in Xinjiang to enter the U.S. market.
PDD Holdings' Temu platform has been documented exploiting workers across its supply chain through forced labor practices linked to Xinjiang. The U.S. House Select Committee on the CCP identified the company's business model as structurally dependent on supply chains with extremely high forced labor risk.
Excluded under our animal exploitation screen based on the company's commercial activities involving animals. This is a policy-based exclusion — identified through screening by Cruelty Free Investors and/or internal research.
Prior pipeline note: PDD Holdings operates Temu, a global online marketplace that facilitates the sale of animal-derived products on an industrial scale. As a platform, it enables and profits from the mass commercial trade in goods that rely on animal exploitation, including fur, exotic leathers, and other materials not
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.