PDD director plans sale of 1,705 ADS on NASDAQ

Director Kam Anthony Ping Leung filed a Rule 144 notice to sell 1,705 PDD ADS on NASDAQ with an indicated market value of 140,236.25.

Rhea-AI Filing Summary

PDD Holdings Inc. (PDD) received a Rule 144 notice indicating that director Kam Anthony Ping Leung plans to sell American Depositary Shares (ADS), each ADS representing four Class A ordinary shares. The planned sale covers 1,705 ADS through Citigroup Global Markets on NASDAQ on September 3, 2026.

The filing states an aggregate market value for the securities of 140,236.25, based on a closing price of 82.25 per ADS on September 2, 2026, and reports 5,693,585,848 ordinary shares outstanding for Rule 144 calculations.

Key Figures

ADS to be sold: 1,705 ADS Aggregate market value of securities: 140,236.25 Reference closing price per ADS: 82.25 +3 more

6 metrics

ADS to be sold 1,705 ADS Planned sale by director Kam Anthony Ping Leung under Rule 144

Aggregate market value of securities 140,236.25 Value for the 1,705 ADS based on closing price on September 2, 2026

Reference closing price per ADS 82.25 Closing price on September 2, 2026 used for Rule 144 valuation

Ordinary shares outstanding 5,693,585,848 shares Shares or other units outstanding based on ordinary shares for Rule 144

Planned sale date September 3, 2026 Date listed for the sale of ADS

Acquisition date of securities September 1, 2026 Acquired stock under company share incentive plan

Key Terms

Rule 144, ADS, Class A ordinary shares, share incentive plan, +1 more

5 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

ADS financial

"ADS EACH REPRESENTING FOUR CLASS A ORDINARY SHARES"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

Class A ordinary shares financial

"ADS EACH REPRESENTING FOUR CLASS A ORDINARY SHARES"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

share incentive plan financial

"ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN"

A share incentive plan is a company program that gives employees or directors the chance to receive or buy company shares, often after staying with the firm or meeting performance goals. It matters to investors because it’s like giving workers a slice of the company pie to boost performance and loyalty, but issuing those slices can reduce each existing owner’s portion and change metrics such as earnings per share and share count.

securities to be sold financial

"UNDER SECURITIES TO BE SOLD NATURE OF PAYMENT"

FAQ

What does the Form 144 filing disclose for PDD Holdings Inc. (PDD)?

The filing discloses that director Kam Anthony Ping Leung has given notice under Rule 144 of an intention to sell 1,705 ADS of PDD Holdings Inc., each ADS representing four Class A ordinary shares, through Citigroup Global Markets on NASDAQ.

How many PDD (PDD) ADS are planned to be sold and on what date?

The notice covers a planned sale of 1,705 ADS of PDD Holdings Inc. The proposed sale date listed is September 3, 2026, with the securities to be sold on NASDAQ through Citigroup Global Markets.

What is the indicated market value and reference price in the PDD Form 144?

The securities have an aggregate market value of 140,236.25, calculated using a closing price of 82.25 per ADS on September 2, 2026, as stated in the remarks section of the notice.

What type of security is being sold in this PDD (PDD) Form 144 filing?

The security is ADS each representing four Class A ordinary shares of PDD Holdings Inc. These ADS are listed for trading on NASDAQ and the planned broker is Citigroup Global Markets.

How were the PDD securities to be sold originally acquired?

The filing states the ADS were acquired under the company share incentive plan on September 1, 2026. This indicates they originated from PDD Holdings Inc.’s share-based compensation arrangements.

What share count does the Form 144 use for PDD Holdings Inc. (PDD) outstanding shares?

For Rule 144 calculations, the notice reports 5,693,585,848 ordinary shares outstanding, as referenced in the remarks explaining that the outstanding figure is based on ordinary shares rather than ADS.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/03/2026 - 06:10 AM Accepted by SEC EDGAR 09/03/2026 - 06:09 AM Learn about SEC filing dates

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	0001993262
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	PDD Holdings Inc.
SEC File Number	001-38591
Address of Issuer	FIRST FLOOR, 25 ST STEPHEN'S GREEN DUBLIN 2 IRELAND D02XF99
Phone	353 1 5397938
Name of Person for Whose Account the Securities are To Be Sold	Kam Anthony Ping Leung
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	Director

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	1705	140236.25	5693585848	09/03/2026	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 FOUR CLASS A ORDINARY SHARES	09/01/2026	ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN	PDD HOLDINGS INC			1705	09/03/2026	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	SECTION 3 C BASED ON ADS. SECTION 3D BASED ON CLOSING PRICE OF 82.25 ON SEP 2 2026. SECTION 3E SHARES OR OTHER UNITS OUTSTANDING BASED ON ORDINARY SHARES. UNDER SECURITIES TO BE SOLD NATURE OF PAYMENT NA
Date of Notice	09/03/2026
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	CONFORMED SIGNATURE ON FILE
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)