PDD SVP reports options on 1.88M ADSs

Q: How many PDD ADSs can be acquired under Xiao Junyun’s options?

The options held by Xiao Junyun are exercisable into 1,881,000 ADSs. Each option represents the right, upon exercise and settlement, to receive one PDD American depositary share, giving substantial potential equity exposure if exercised in the future.

Q: When do the PDD options held by Xiao Junyun expire?

The options are split into two tranches: 481,000 options expiring on October 31, 2035 and 1,400,000 options expiring on August 31, 2036. Both tranches are reported as already exercisable as of the filing date.

Q: How many PDD ordinary shares does each ADS reported in the Form 3 represent?

Each PDD American depositary share (ADS) represents four Class A ordinary shares. This ratio means the 1,881,000 ADSs underlying the options correspond to a larger number of underlying ordinary shares, according to the ADS-to-share relationship disclosed.

Q: Did the PDD Form 3 for Xiao Junyun show any stock purchases or sales?

No, the Form 3 is an initial statement of beneficial ownership and only records existing option holdings. The transaction summary classifies the entry as a holding, with no buy, sell, exercise, gift, or tax-withholding transactions reported.

PDD Holdings Inc. executive Xiao Junyun, SVP of Operation, reported existing derivative holdings in a Form 3.

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Form Type

Rhea-AI Filing Summary

PDD Holdings Inc. executive Xiao Junyun, SVP of Operation, reported existing derivative holdings in a Form 3. Xiao holds options that are currently exercisable for 1,881,000 ADSs, each ADS representing four Class A ordinary shares. Each option gives the right to receive one ADS at an exercise price of US$0.026 per ADS.

The footnotes state that expiration dates apply to two tranches of these options: 481,000 options expiring on October 31, 2035 and 1,400,000 options expiring on August 31, 2036. This filing records holdings only and does not show any new purchases or sales.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Xiao Junyun

Role SVP of Operation

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

Holdings After Transaction: Options (right to buy) — 1,881,000 contracts (Direct)

Footnotes (3)

F1. These options are all exercisable as of the filing date. The expiration dates for 481,000 options and 1,400,000 options are October 31, 2035 and August 31, 2036, 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.

FAQ

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

What did PDD (PDD) executive Xiao Junyun report in this Form 3?

Xiao Junyun reported existing holdings of options over PDD ADSs. The filing shows options exercisable into 1,881,000 ADSs, documenting the scale and structure of this derivative position without indicating any new purchases or sales.

How many PDD ADSs can be acquired under Xiao Junyun’s options?

The options held by Xiao Junyun are exercisable into 1,881,000 ADSs. Each option represents the right, upon exercise and settlement, to receive one PDD American depositary share, giving substantial potential equity exposure if exercised in the future.

What is the exercise price of Xiao Junyun’s PDD options?

Each option has an exercise price of US$0.026 per ADS. This means Xiao can acquire each PDD American depositary share at this fixed price when exercising the options, as described in the footnote to the Form 3 filing.

When do the PDD options held by Xiao Junyun expire?

The options are split into two tranches: 481,000 options expiring on October 31, 2035 and 1,400,000 options expiring on August 31, 2036. Both tranches are reported as already exercisable as of the filing date.

How many PDD ordinary shares does each ADS reported in the Form 3 represent?

Each PDD American depositary share (ADS) represents four Class A ordinary shares. This ratio means the 1,881,000 ADSs underlying the options correspond to a larger number of underlying ordinary shares, according to the ADS-to-share relationship disclosed.

Did the PDD Form 3 for Xiao Junyun show any stock purchases or sales?

No, the Form 3 is an initial statement of beneficial ownership and only records existing option holdings. The transaction summary classifies the entry as a holding, with no buy, sell, exercise, gift, or tax-withholding transactions reported.

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

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Accepted by SEC EDGAR 03/18/2026 - 09:04 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^*

Xiao Junyun

(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 Operation

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⁾	1,881,000	⁽³⁾	D

Explanation of Responses:

1. These options are all exercisable as of the filing date. The expiration dates for 481,000 options and 1,400,000 options are October 31, 2035 and August 31, 2036, 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.

	/s/ Xiao Junyun	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