[144] PDD Holdings Inc. SEC Filing

Rhea-AI Filing Summary

PDD Holdings Inc. submitted a Form 144 notice reporting a proposed sale of 40,000 ADS (each ADS representing four Class A ordinary shares) through Citigroup Global Markets on 09/23/2025. The filing lists an aggregate market value of $5,142,800.00 and shows 5,693,585,848 shares outstanding. The securities reported were acquired on 09/23/2025 under the company share incentive plan, with PDD Holdings Inc. named as the source of the acquisition. The filing states no securities sold in the past three months and includes the standard signature representation about lack of undisclosed material information.

Insights

Securities/Fiduciary Analyst

TL;DR: Form 144 reports an insider/affiliate sale plan execution via Citigroup for 40,000 ADS acquired under a company share incentive plan.

The filing documents a proposed brokered sale of 40,000 ADS on 09/23/2025 with an aggregate market value of $5,142,800. It records the acquisition of those ADS the same day under the company's share incentive plan and identifies Citigroup Global Markets as the broker. The notice also affirms no reported sales in the prior three months for the account and contains the statutory representation regarding material nonpublic information. This is a routine Rule 144 disclosure notifying the market of an intended restricted/affiliate sale through proper channels.

Corporate Governance Expert

TL;DR: Form 144 indicates compliance with Rule 144 procedures for an ADS sale tied to a share incentive plan.

The submission identifies the issuer as PDD Holdings Inc., lists the securities class (ADS representing four Class A shares), the broker (Citigroup Global Markets), and confirms acquisition under the company's share incentive plan on the same date as the proposed sale. The filer also signs the standard attestation regarding material information. The document presents the procedural elements required for transparency around insider or affiliate dispositions under Rule 144.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
ADS EACH REPRESENTING FOUR CLASS A ORDINARY SHARES	CITIGROUP GLOBAL MARKETS 390 GREENWICH ST NEW YORK NY 10013	40000	5142800.00	5693585848	09/23/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
ADS EACH REPRESENTING 4 CLASS A ORDINARY SHARES	09/23/2025	ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN	PDD HOLDINGS INC			40000	09/23/2025	NA

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What securities does the Form 144 for PDD (PDD) report?

The filing reports 40,000 ADS, each representing four Class A ordinary shares.

Who is the broker named in the PDD Form 144?

The broker is listed as Citigroup Global Markets, 390 Greenwich St, New York, NY 10013.

What is the proposed sale date and aggregate market value in the filing?

The proposed sale date is 09/23/2025 with an aggregate market value of $5,142,800.00.

How were the securities reported in the Form 144 acquired?

They were acquired on 09/23/2025 under the company share incentive plan, with PDD Holdings Inc. named as the source.

Does the filing report other securities sold in the past three months?

The filing states Nothing to Report for securities sold during the past three months.