Alibaba Group Holding (NYSE:BABA) and Amazon.Com Inc (NASDAQ:AMZN) rival online marketplace Temu faces backlash from suppliers in China over its aggressive effort to reshape its business model radically.
The Chinese group, owned by the $177 billion e-commerce giant PDD Holdings Inc (NASDAQ:PDD), recently sought to recruit Amazon merchants with goods in warehouses in the U.S. and EU, the Financial Times reports.
This move aims to protect Temu’s business if governments close a tax loophole that has fueled its growth.
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