How are PDD Holdings (PDD) ADSs related to Class A ordinary shares?

Each PDD American depositary share (ADS) represents four Class A ordinary shares. This means ADS figures in the filing correspond to a larger number of underlying ordinary shares, providing investors with indirect ownership of the company’s primary equity.

PDD Holdings director Kam Leung reports RSU stakes

PDD Holdings Inc. director Kam Anthony Ping Leung has filed an initial Form 3 reporting his equity interests in the company.

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. director Kam Anthony Ping Leung has filed an initial Form 3 reporting his equity interests in the company. The filing lists multiple awards of restricted share units (RSUs) over ADSs with a zero exercise price and separate direct holdings of 1,533 ADSs. Each RSU settles into one ADS, and each ADS represents four Class A ordinary shares. The RSUs are scheduled to vest on various dates from September 1, 2026 through March 1, 2030, in installments tied to continued service.

Insider Trade Summary

9 transactions reported

Mixed 9 txns

Insider Kam Anthony Ping Leung

Role Director

Type	Security	Shares	Price	Value
holding	Restricted Share Units (RSUs)	--	--	--
holding	Restricted Share Units (RSUs)	--	--	--
holding	Restricted Share Units (RSUs)	--	--	--
holding	Restricted Share Units (RSUs)	--	--	--
holding	Restricted Share Units (RSUs)	--	--	--
holding	Restricted Share Units (RSUs)	--	--	--
holding	Restricted Share Units (RSUs)	--	--	--
holding	Restricted Share Units (RSUs)	--	--	--
holding	ADSs	--	--	--

Holdings After Transaction: Restricted Share Units (RSUs) — 5,310 contracts (Direct); ADSs — 1,533 shares (Direct)

Footnotes (10)

F1. Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.
F2. These RSUs are scheduled to vest on September 1, 2026, subject to continued service through the vesting date.
F3. Each RSU represents the right to receive, at settlement after vesting, one American depositary share ("ADS") of the Issuer.
F4. These RSUs are scheduled to vest on March 1, 2027, subject to continued service through the vesting date.
F5. These RSUs are scheduled to vest on September 1, 2027, subject to continued service through the vesting date.
F6. These RSUs are scheduled to vest on March 1, 2028, subject to continued service through the vesting date.
F7. 50% of these RSUs are scheduled to vest on September 1, 2026 and 25% of these RSUs are scheduled to vest on each of September 1, 2027 and September 1, 2028, subject in each case to continued service through each vesting date.
F8. 50% of these RSUs are scheduled to vest on March 1, 2027 and 25% of these RSUs are scheduled to vest on each of March 1, 2028 and March 1, 2029, subject in each case to continued service through each vesting date.
F9. 50% of these RSUs are scheduled to vest on September 1, 2027 and 25% of these RSUs are scheduled to vest on each of September 1, 2028 and September 1, 2029, subject in each case to continued service through each vesting date.
F10. 50% of these RSUs are scheduled to vest on March 1, 2028 and 25% of these RSUs are scheduled to vest on each of March 1, 2029 and March 1, 2030, subject in each case to continued service through each vesting date.

FAQ

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

What does Kam Anthony Ping Leung report owning in PDD on this Form 3?

He reports multiple restricted share unit (RSU) awards over PDD ADSs and direct ownership of 1,533 ADSs. Each RSU converts into one ADS at settlement, reflecting his equity-based compensation and direct share position as a director.

When do Kam Anthony Ping Leung’s PDD RSUs vest according to the filing?

The RSUs vest on a schedule between September 1, 2026 and March 1, 2030. Several awards vest either fully on a single date or in 50% and 25% tranches across multiple future dates, all requiring continued service to PDD Holdings.

What does each RSU reported by Kam Anthony Ping Leung convert into?

Each restricted share unit converts into one PDD American depositary share (ADS) after it vests and settles. This links his compensation directly to the company’s traded ADSs, aligning part of his potential future value with PDD’s market performance.

Does this PDD Form 3 show any insider buying or selling activity?

No explicit buy or sell transactions are shown in the provided data. The entry records Kam Anthony Ping Leung’s existing RSU awards and ADS holdings, serving as a baseline disclosure of his equity position as a new reporting insider.

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

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Accepted by SEC EDGAR 03/18/2026 - 09:06 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^*

Kam Anthony Ping Leung

(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)

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

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)
ADSs⁽¹⁾	1,533	D

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)
Restricted Share Units (RSUs)	⁽²⁾	⁽²⁾	ADSs⁽¹⁾	1,220	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁴⁾	⁽⁴⁾	ADSs⁽¹⁾	641	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁵⁾	⁽⁵⁾	ADSs⁽¹⁾	455	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁶⁾	⁽⁶⁾	ADSs⁽¹⁾	267	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁷⁾	⁽⁷⁾	ADSs⁽¹⁾	971	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁸⁾	⁽⁸⁾	ADSs⁽¹⁾	1,125	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁹⁾	⁽⁹⁾	ADSs⁽¹⁾	297	⁽³⁾	D
Restricted Share Units (RSUs)	⁽¹⁰⁾	⁽¹⁰⁾	ADSs⁽¹⁾	334	⁽³⁾	D

Explanation of Responses:

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

2. These RSUs are scheduled to vest on September 1, 2026, subject to continued service through the vesting date.

3. Each RSU represents the right to receive, at settlement after vesting, one American depositary share ("ADS") of the Issuer.

4. These RSUs are scheduled to vest on March 1, 2027, subject to continued service through the vesting date.

5. These RSUs are scheduled to vest on September 1, 2027, subject to continued service through the vesting date.

6. These RSUs are scheduled to vest on March 1, 2028, subject to continued service through the vesting date.

7. 50% of these RSUs are scheduled to vest on September 1, 2026 and 25% of these RSUs are scheduled to vest on each of September 1, 2027 and September 1, 2028, subject in each case to continued service through each vesting date.

8. 50% of these RSUs are scheduled to vest on March 1, 2027 and 25% of these RSUs are scheduled to vest on each of March 1, 2028 and March 1, 2029, subject in each case to continued service through each vesting date.

9. 50% of these RSUs are scheduled to vest on September 1, 2027 and 25% of these RSUs are scheduled to vest on each of September 1, 2028 and September 1, 2029, subject in each case to continued service through each vesting date.

10. 50% of these RSUs are scheduled to vest on March 1, 2028 and 25% of these RSUs are scheduled to vest on each of March 1, 2029 and March 1, 2030, subject in each case to continued service through each vesting date.

	/s/ Anthony Kam Ping Leung	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