PDD Holdings financial director reports RSU grants

Q: What does PDD (PDD) disclose about Li Jiong in this Form 3?

The filing reports Financial Director Li Jiong’s initial equity interests in PDD Holdings Inc., consisting of two restricted share unit (RSU) grants linked to American Depositary Shares (ADSs), with no open‑market buy or sell transactions reported.

Q: How many PDD RSUs and ADSs are reported for Li Jiong?

The disclosure shows RSUs linked to 2,130 ADSs in one grant and 6,963 ADSs in another. Each RSU entitles Li Jiong to receive one ADS upon settlement after vesting, according to the footnotes.

Q: What are the vesting schedules of the PDD RSU awards?

One RSU grant vests in four equal parts on October 1 of 2026, 2027, 2028 and 2029. The second vests on March 1 of 2027, 2028, 2029 and 2030, each tranche requiring continued service.

Q: What does each RSU and ADS represent in PDD’s capital structure?

Each RSU represents the right to receive one ADS after vesting and settlement. Each ADS in turn represents four Class A ordinary shares of PDD Holdings Inc., as specified in the footnotes to the filing.

Q: What role does Li Jiong hold at PDD Holdings Inc.?

The filing identifies Li Jiong as an officer of PDD Holdings Inc., serving as Financial Director. The reported RSU awards reflect part of this officer’s equity‑based compensation in the company.

PDD Holdings Inc. disclosed the initial equity holdings of Financial Director Li Jiong, consisting of two grants of restricted share units (RSUs) over American Depositary Shares (ADSs).

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

PDD Holdings Inc. disclosed the initial equity holdings of Financial Director Li Jiong, consisting of two grants of restricted share units (RSUs) over American Depositary Shares (ADSs). The RSUs cover 2,130 and 6,963 underlying ADSs, each RSU settling into one ADS. One grant vests in four equal parts on October 1 of 2026, 2027, 2028 and 2029, and the other on March 1 of 2027, 2028, 2029 and 2030, in each case subject to continued service. Each ADS represents four Class A ordinary shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Li Jiong

Role Financial Director

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

Holdings After Transaction: Restricted Share Units (RSUs) — 9,093 contracts (Direct)

Footnotes (4)

F1. One-fourth of these RSUs are scheduled to vest on each of the following dates: October 1, 2026, October 1, 2027, October 1, 2028 and October 1, 2029, subject in each case to continued service through each vesting date.
F2. Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.
F3. Each RSU represents the right to receive, at settlement after vesting, one American Depositary Share ("ADS") of the Issuer.
F4. One-fourth of these RSUs are scheduled to vest on each of the following dates: March 1, 2027, March 1, 2028, 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 PDD (PDD) disclose about Li Jiong in this Form 3?

The filing reports Financial Director Li Jiong’s initial equity interests in PDD Holdings Inc., consisting of two restricted share unit (RSU) grants linked to American Depositary Shares (ADSs), with no open‑market buy or sell transactions reported.

How many PDD RSUs and ADSs are reported for Li Jiong?

The disclosure shows RSUs linked to 2,130 ADSs in one grant and 6,963 ADSs in another. Each RSU entitles Li Jiong to receive one ADS upon settlement after vesting, according to the footnotes.

What are the vesting schedules of the PDD RSU awards?

One RSU grant vests in four equal parts on October 1 of 2026, 2027, 2028 and 2029. The second vests on March 1 of 2027, 2028, 2029 and 2030, each tranche requiring continued service.

What does each RSU and ADS represent in PDD’s capital structure?

Each RSU represents the right to receive one ADS after vesting and settlement. Each ADS in turn represents four Class A ordinary shares of PDD Holdings Inc., as specified in the footnotes to the filing.

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

No buy or sell transactions are indicated. The entries are classified as holdings, and the transaction summary shows no open‑market purchases, sales, exercises, gifts, or tax‑withholding events for these RSU awards.

What role does Li Jiong hold at PDD Holdings Inc.?

The filing identifies Li Jiong as an officer of PDD Holdings Inc., serving as Financial Director. The reported RSU awards reflect part of this officer’s equity‑based compensation in the company.

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

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Accepted by SEC EDGAR 03/18/2026 - 09:08 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^*

Li Jiong

(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)
	Financial Director

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)
Restricted Share Units (RSUs)	⁽¹⁾	⁽¹⁾	ADSs⁽²⁾	2,130	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁴⁾	⁽⁴⁾	ADSs⁽²⁾	6,963	⁽³⁾	D

Explanation of Responses:

1. One-fourth of these RSUs are scheduled to vest on each of the following dates: October 1, 2026, October 1, 2027, October 1, 2028 and October 1, 2029, subject in each case to continued service through each vesting date.

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

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

4. One-fourth of these RSUs are scheduled to vest on each of the following dates: March 1, 2027, March 1, 2028, March 1, 2029 and March 1, 2030, subject in each case to continued service through each vesting date.

	/s/ Li Jiong	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