How are PDD ADSs related to the company’s Class A ordinary shares in this Form 3?

The footnotes state that each PDD ADS represents four Class A ordinary shares. Each option entitles Wang Mi, upon exercise and settlement, to receive one ADS, indirectly linking the option awards to a larger number of underlying Class A ordinary shares.

PDD Holdings SVP discloses sizable ADS option grants

Q: What does the PDD Form 3 filing by SVP of Engineering Wang Mi show?

The Form 3 shows that SVP of Engineering Wang Mi holds multiple option awards over PDD ADSs. These options provide the right to acquire ADSs over many years, reflecting existing equity-based compensation rather than new open‑market share purchases or sales.

Q: What is the exercise price of Wang Mi’s PDD options disclosed in the Form 3?

Each option carries an exercise price of US$0.026 per ADS. This means that, upon vesting and exercise, Wang Mi can acquire one American depositary share of PDD for US$0.026, subject to the terms and lock‑up conditions described in the awards’ footnotes.

Q: Does this PDD Form 3 indicate that Wang Mi recently bought or sold shares?

The Form 3 functions as an initial ownership report and lists existing option holdings rather than recent open‑market trades. The transactions are categorized as holdings, so it does not show new purchases or sales of PDD ADSs on the market.

PDD Holdings Inc. senior vice president of engineering Wang Mi filed an initial statement of beneficial ownership, detailing multiple option awards over the company’s ADSs.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

PDD Holdings Inc. senior vice president of engineering Wang Mi filed an initial statement of beneficial ownership, detailing multiple option awards over the company’s ADSs. The holdings include options over 322,350 ADSs and several smaller grants, each option giving the right to receive one ADS at an exercise price of US$0.026.

Some options are already exercisable, while others vest in scheduled installments between 2026 and 2032, with expirations running from 2039 through 2045. Each ADS represents four Class A ordinary shares, so these awards provide long-term equity exposure tied to the company’s performance.

Insider Trade Summary

9 transactions reported

Mixed 9 txns

Insider Wang Mi

Role SVP of Engineering

Type	Security	Shares	Price	Value
holding	Options (right to buy)	--	--	--
holding	Options (right to buy)	--	--	--
holding	Options (right to buy)	--	--	--
holding	Options (right to buy)	--	--	--
holding	Options (right to buy)	--	--	--
holding	Options (right to buy)	--	--	--
holding	Options (right to buy)	--	--	--
holding	Options (right to buy)	--	--	--
holding	Options (right to buy)	--	--	--

Holdings After Transaction: Options (right to buy) — 612,350 contracts (Direct)

Footnotes (11)

F1. These options are all exercisable as of the filing date. The expiration dates for 286,100 options, 18,750 options and 17,500 options are February 28, 2039, August 31, 2039 and March 31, 2040, respectively.
F2. Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.
F3. Each option represents the right to receive, at settlement after exercise, one American Depositary Share ("ADS") of the Issuer, and has an exercise price of US$0.026.
F4. These options will become exercisable on September 1, 2026. The expiration date for these options is August 31, 2039. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F5. Half of these options will become exercisable on each of the following dates: April 1, 2026 and April 1, 2027. The expiration date for these options is March 31, 2040. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F6. One-third of these options will become exercisable on each of the following dates: April 1, 2026, April 1, 2027 and April 1, 2028. The expiration date for these options is March 31, 2041. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F7. One-fourth of these options will become exercisable on each of the following dates: April 1, 2026, April 1, 2027, April 1, 2028 and April 1, 2029. The expiration date for these options is March 31, 2042. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F8. One-fourth of these options will become exercisable on each of the following dates: June 1, 2027, June 1, 2028, June 1, 2029 and June 1, 2030. The expiration date for these options is May 31, 2043. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F9. One-fourth of these options will become exercisable on each of the following dates: May 1, 2028, May 1, 2029, May 1, 2030 and May 1, 2031. The expiration date for these options is April 30, 2044. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F10. One-fourth of these options will become exercisable on each of the following dates: May 1, 2029, May 1, 2030, May 1, 2031 and May 1, 2032. The expiration date for these options is April 30, 2045. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F11. One-fourth of these options will become exercisable on each of the following dates: December 1, 2029, December 1, 2030, December 1, 2031 and December 1, 2032. The expiration date for these options is November 30, 2045. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the PDD Form 3 filing by SVP of Engineering Wang Mi show?

The Form 3 shows that SVP of Engineering Wang Mi holds multiple option awards over PDD ADSs. These options provide the right to acquire ADSs over many years, reflecting existing equity-based compensation rather than new open‑market share purchases or sales.

How many PDD ADS options does Wang Mi report in this Form 3?

The filing reports several option grants, including one over 322,350 ADSs and additional grants over smaller blocks such as 100,000, 40,000 and 37,500 ADSs. Each option award is listed with its own vesting schedule and long-dated expiration, indicating sizeable derivative exposure.

What is the exercise price of Wang Mi’s PDD options disclosed in the Form 3?

Each option carries an exercise price of US$0.026 per ADS. This means that, upon vesting and exercise, Wang Mi can acquire one American depositary share of PDD for US$0.026, subject to the terms and lock‑up conditions described in the awards’ footnotes.

When do the PDD options reported by Wang Mi vest and expire?

Some options are already exercisable as of the filing date, with others vesting in tranches between 2026 and 2032. Expiration dates range from 2039 to 2045, providing long-term potential ownership if vesting conditions and lock‑up requirements are met.

Does this PDD Form 3 indicate that Wang Mi recently bought or sold shares?

The Form 3 functions as an initial ownership report and lists existing option holdings rather than recent open‑market trades. The transactions are categorized as holdings, so it does not show new purchases or sales of PDD ADSs on the market.

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

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Accepted by SEC EDGAR 03/18/2026 - 09:02 PM EDT

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Wang Mi

(Last)

(First)

(Middle)

FIRST FLOOR, 25 ST STEPHEN'S GREEN

(Street)

DUBLIN 2

D02 XF99

(City)

(State)

(Zip)

IRELAND

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
PDD Holdings Inc. [ PDD ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP of Engineering

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Options (right to buy)	⁽¹⁾	⁽¹⁾	ADSs⁽²⁾	322,350	⁽³⁾	D
Options (right to buy)	⁽⁴⁾	⁽⁴⁾	ADSs⁽²⁾	18,750	⁽³⁾	D
Options (right to buy)	⁽⁵⁾	⁽⁵⁾	ADSs⁽²⁾	37,500	⁽³⁾	D
Options (right to buy)	⁽⁶⁾	⁽⁶⁾	ADSs⁽²⁾	18,750	⁽³⁾	D
Options (right to buy)	⁽⁷⁾	⁽⁷⁾	ADSs⁽²⁾	15,000	⁽³⁾	D
Options (right to buy)	⁽⁸⁾	⁽⁸⁾	ADSs⁽²⁾	40,000	⁽³⁾	D
Options (right to buy)	⁽⁹⁾	⁽⁹⁾	ADSs⁽²⁾	30,000	⁽³⁾	D
Options (right to buy)	⁽¹⁰⁾	⁽¹⁰⁾	ADSs⁽²⁾	30,000	⁽³⁾	D
Options (right to buy)	⁽¹¹⁾	⁽¹¹⁾	ADSs⁽²⁾	100,000	⁽³⁾	D

Explanation of Responses:

1. These options are all exercisable as of the filing date. The expiration dates for 286,100 options, 18,750 options and 17,500 options are February 28, 2039, August 31, 2039 and March 31, 2040, respectively.

2. Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.

3. Each option represents the right to receive, at settlement after exercise, one American Depositary Share ("ADS") of the Issuer, and has an exercise price of US$0.026.

4. These options will become exercisable on September 1, 2026. The expiration date for these options is August 31, 2039. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

5. Half of these options will become exercisable on each of the following dates: April 1, 2026 and April 1, 2027. The expiration date for these options is March 31, 2040. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

6. One-third of these options will become exercisable on each of the following dates: April 1, 2026, April 1, 2027 and April 1, 2028. The expiration date for these options is March 31, 2041. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

7. One-fourth of these options will become exercisable on each of the following dates: April 1, 2026, April 1, 2027, April 1, 2028 and April 1, 2029. The expiration date for these options is March 31, 2042. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

8. One-fourth of these options will become exercisable on each of the following dates: June 1, 2027, June 1, 2028, June 1, 2029 and June 1, 2030. The expiration date for these options is May 31, 2043. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

9. One-fourth of these options will become exercisable on each of the following dates: May 1, 2028, May 1, 2029, May 1, 2030 and May 1, 2031. The expiration date for these options is April 30, 2044. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

10. One-fourth of these options will become exercisable on each of the following dates: May 1, 2029, May 1, 2030, May 1, 2031 and May 1, 2032. The expiration date for these options is April 30, 2045. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

11. One-fourth of these options will become exercisable on each of the following dates: December 1, 2029, December 1, 2030, December 1, 2031 and December 1, 2032. The expiration date for these options is November 30, 2045. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

	/s/ Wang Mi	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR