Country now comes before profit for tech giants in Xi’s China

A file photo of Chinese online group discounter Pinduoduo’s logo next to its mobile phone app.The company said it will donate all of its first net profit since going public to support the country’s farmers and agricultural areas. — Reuters

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 10bil yuan (RM6.50bil).