PDD VP of Finance reports ADS option holdings

PDD Holdings Inc. executive Liu Jun, VP of Finance, filed an initial ownership report showing multiple employee stock option positions over the company’s American Depositary Shares (ADSs).

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Rhea-AI Filing Summary

PDD Holdings Inc. executive Liu Jun, VP of Finance, filed an initial ownership report showing multiple employee stock option positions over the company’s American Depositary Shares (ADSs). Each option gives the right to receive one ADS at an exercise price of US$0.026 per ADS, and each ADS represents four Class A ordinary shares.

The footnotes explain that some of these options are already exercisable as of the filing date, with expiration dates ranging from August 31, 2038 to September 30, 2041, while others vest in scheduled tranches between 2026 and 2031 and expire as late as April 30, 2044. All reported holdings are shown as directly owned by Liu Jun.

Insider Trade Summary

7 transactions reported

Mixed 7 txns

Insider Liu Jun

Role VP of Finance

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)	--	--	--

Holdings After Transaction: Options (right to buy) — 167,500 contracts (Direct)

Footnotes (9)

F1. These options are all exercisable as of the filing date. The expiration dates for 12,500 options, 25,000 options, 25,000 options and 3,125 are August 31, 2038, February 28, 2039, March 31, 2040 and September 30, 2041, 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 July 5, 2026. The expiration date for these options is February 28, 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: October 1, 2026, October 1, 2027 and October 1, 2028. The expiration date for these options is September 30, 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: May 1, 2027, May 1, 2028, May 1, 2029 and May 1, 2030. The expiration date for these options is April 30, 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.

FAQ

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

What did PDD (PDD) executive Liu Jun report in this Form 3?

Liu Jun, VP of Finance at PDD Holdings, reported his existing holdings of stock options over the company’s ADSs. These options are compensation awards and show his potential future equity exposure rather than any recent share purchases or sales.

What are the key terms of Liu Jun’s PDD stock options?

The options each give the right to receive one PDD ADS at an exercise price of US$0.026 per ADS. Several grants have different vesting schedules and expiration dates, with some already exercisable and others vesting in stages between 2026 and 2031.

How do PDD ADSs relate to Class A ordinary shares?

Each PDD American Depositary Share (ADS) represents four Class A ordinary shares. Liu Jun’s options settle in ADSs, so exercising one option delivers one ADS, indirectly corresponding to four underlying Class A ordinary shares of PDD Holdings Inc.

When will Liu Jun’s PDD options vest and expire?

Some options are already exercisable as of the filing date, with expirations between 2038 and 2041. Other grants vest in tranches from 2026 through 2031 and carry later expiration dates, including March 31, 2042 and April 30, 2044, if not exercised earlier.

Does this PDD Form 3 show Liu Jun buying or selling shares?

No, the Form 3 lists Liu Jun’s existing stock option holdings rather than new open‑market trades. The transactions are coded as holdings, with no buy or sell entries, reflecting previously granted compensation awards rather than recent purchases or disposals.

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

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Accepted by SEC EDGAR 03/18/2026 - 09:01 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^*

Liu Jun

(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)
	VP of Finance

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⁾	65,625	⁽³⁾	D
Options (right to buy)	⁽⁴⁾	⁽⁴⁾	ADSs⁽²⁾	12,500	⁽³⁾	D
Options (right to buy)	⁽⁵⁾	⁽⁵⁾	ADSs⁽²⁾	25,000	⁽³⁾	D
Options (right to buy)	⁽⁶⁾	⁽⁶⁾	ADSs⁽²⁾	9,375	⁽³⁾	D
Options (right to buy)	⁽⁷⁾	⁽⁷⁾	ADSs⁽²⁾	20,000	⁽³⁾	D
Options (right to buy)	⁽⁸⁾	⁽⁸⁾	ADSs⁽²⁾	25,000	⁽³⁾	D
Options (right to buy)	⁽⁹⁾	⁽⁹⁾	ADSs⁽²⁾	10,000	⁽³⁾	D

Explanation of Responses:

1. These options are all exercisable as of the filing date. The expiration dates for 12,500 options, 25,000 options, 25,000 options and 3,125 are August 31, 2038, February 28, 2039, March 31, 2040 and September 30, 2041, 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 July 5, 2026. The expiration date for these options is February 28, 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: October 1, 2026, October 1, 2027 and October 1, 2028. The expiration date for these options is September 30, 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: May 1, 2027, May 1, 2028, May 1, 2029 and May 1, 2030. The expiration date for these options is April 30, 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.

	/s/ Liu Jun	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