What is the ADS to ordinary share ratio for PDD Holdings Inc.?

Each PDD Holdings Inc. American depositary share represents four Class A ordinary shares. This ratio means the ADS and RSU holdings disclosed in the Form 3 translate into a larger number of underlying ordinary shares in the company’s capital structure.

PDD director reports ADS and RSU holdings

Q: What does the PDD Form 3 filing by Yeo George Yong-Boon show?

The Form 3 shows director Yeo George Yong-Boon’s initial ownership in PDD Holdings Inc., including 25,628 ADSs, another 60,000 ADSs, and several RSU awards that can settle in ADSs over future vesting dates.

Q: How many PDD ADSs does Yeo George Yong-Boon report owning?

The filing reports direct holdings of 25,628 ADSs and a separate holding of 60,000 ADSs. Footnotes indicate some ADSs are jointly owned with his spouse, reflecting combined household exposure to PDD American depositary shares.

Q: What RSU awards are disclosed for Yeo George Yong-Boon in the PDD Form 3?

The Form 3 lists several RSU awards, each tied to a specific number of underlying ADSs. These RSUs are scheduled to vest in tranches between August 1, 2026 and February 1, 2030, contingent on continued service through each vesting date.

Q: When do Yeo George Yong-Boon’s PDD RSUs vest?

The RSUs vest on a series of dates, including August 1, 2026, February 1, 2027, August 1, 2027, and February 1, 2028, with additional tranches through February 1, 2030, all requiring continued service to vest.

Q: How are PDD RSUs settled for Yeo George Yong-Boon?

Each RSU represents the right to receive one ADS at settlement after vesting. According to the footnotes, every vested RSU converts into a single PDD American depositary share, which itself represents four Class A ordinary shares of the company.

PDD Holdings Inc. director Yeo George Yong-Boon filed an initial ownership report showing direct holdings of 25,628 ADSs and a separate block of 60,000 ADSs, with some ADSs jointly owned with his spouse.

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Filing Sentiment

(Neutral)How Sentiment works

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Form Type

Rhea-AI Filing Summary

PDD Holdings Inc. director Yeo George Yong-Boon filed an initial ownership report showing direct holdings of 25,628 ADSs and a separate block of 60,000 ADSs, with some ADSs jointly owned with his spouse. The filing also lists multiple restricted share unit (RSU) awards, each RSU delivering one ADS at settlement, with vesting schedules running from August 1, 2026 through February 1, 2030, all subject to continued service. Each ADS represents four Class A ordinary shares, so these positions reflect both current equity ownership and future equity-based compensation.

Insider Trade Summary

10 transactions reported

Mixed 10 txns

Insider Yeo George Yong-Boon

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	--	--	--
holding	ADSs	--	--	--

Holdings After Transaction: Restricted Share Units (RSUs) — 5,275 contracts (Direct); ADSs — 85,628 shares (Direct)

Footnotes (11)

F1. Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.
F2. These ADSs are jointly owned with the Reporting Person's spouse.
F3. These RSUs are scheduled to vest on August 1, 2026, subject to continued service through the vesting date.
F4. Each RSU represents the right to receive, at settlement after vesting, one American depositary share ("ADS").
F5. These RSUs are scheduled to vest on February 1, 2027, subject to continued service through the vesting date.
F6. These RSUs are scheduled to vest on August 1, 2027, subject to continued service through the vesting date.
F7. These RSUs are scheduled to vest on February 1, 2028, subject to continued service through the vesting date.
F8. 50% of these RSUs are scheduled to vest on August 1, 2026 and 25% of these RSUs are scheduled to vest on each of August 1, 2027 and August 1, 2028, subject in each case to continued service through each vesting date.
F9. 50% of these RSUs are scheduled to vest on February 1, 2027 and 25% of these RSUs are scheduled to vest on each of February 1, 2028 and February 1, 2029, subject in each case to continued service through each vesting date.
F10. 50% of these RSUs are scheduled to vest on August 1, 2027 and 25% of these RSUs are scheduled to vest on each of August 1, 2028 and August 1, 2029, subject in each case to continued service through each vesting date.
F11. 50% of these RSUs are scheduled to vest on February 1, 2028 and 25% of these RSUs are scheduled to vest on each of February 1, 2029 and February 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 the PDD Form 3 filing by Yeo George Yong-Boon show?

The Form 3 shows director Yeo George Yong-Boon’s initial ownership in PDD Holdings Inc., including 25,628 ADSs, another 60,000 ADSs, and several RSU awards that can settle in ADSs over future vesting dates.

How many PDD ADSs does Yeo George Yong-Boon report owning?

The filing reports direct holdings of 25,628 ADSs and a separate holding of 60,000 ADSs. Footnotes indicate some ADSs are jointly owned with his spouse, reflecting combined household exposure to PDD American depositary shares.

What RSU awards are disclosed for Yeo George Yong-Boon in the PDD Form 3?

The Form 3 lists several RSU awards, each tied to a specific number of underlying ADSs. These RSUs are scheduled to vest in tranches between August 1, 2026 and February 1, 2030, contingent on continued service through each vesting date.

When do Yeo George Yong-Boon’s PDD RSUs vest?

The RSUs vest on a series of dates, including August 1, 2026, February 1, 2027, August 1, 2027, and February 1, 2028, with additional tranches through February 1, 2030, all requiring continued service to vest.

How are PDD RSUs settled for Yeo George Yong-Boon?

Each RSU represents the right to receive one ADS at settlement after vesting. According to the footnotes, every vested RSU converts into a single PDD American depositary share, which itself represents four Class A ordinary shares of the company.

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^*

Yeo George Yong-Boon

(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⁾	25,628	D
ADSs⁽¹⁾	60,000⁽²⁾	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)	⁽³⁾	⁽³⁾	ADSs⁽¹⁾	1,045	⁽⁴⁾	D
Restricted Share Units (RSUs)	⁽⁵⁾	⁽⁵⁾	ADSs⁽¹⁾	606	⁽⁴⁾	D
Restricted Share Units (RSUs)	⁽⁶⁾	⁽⁶⁾	ADSs⁽¹⁾	422	⁽⁴⁾	D
Restricted Share Units (RSUs)	⁽⁷⁾	⁽⁷⁾	ADSs⁽¹⁾	242	⁽⁴⁾	D
Restricted Share Units (RSUs)	⁽⁸⁾	⁽⁸⁾	ADSs⁽¹⁾	1,079	⁽⁴⁾	D
Restricted Share Units (RSUs)	⁽⁹⁾	⁽⁹⁾	ADSs⁽¹⁾	1,257	⁽⁴⁾	D
Restricted Share Units (RSUs)	⁽¹⁰⁾	⁽¹⁰⁾	ADSs⁽¹⁾	295	⁽⁴⁾	D
Restricted Share Units (RSUs)	⁽¹¹⁾	⁽¹¹⁾	ADSs⁽¹⁾	329	⁽⁴⁾	D

Explanation of Responses:

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

2. These ADSs are jointly owned with the Reporting Person's spouse.

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

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

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

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

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

8. 50% of these RSUs are scheduled to vest on August 1, 2026 and 25% of these RSUs are scheduled to vest on each of August 1, 2027 and August 1, 2028, subject in each case to continued service through each vesting date.

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

10. 50% of these RSUs are scheduled to vest on August 1, 2027 and 25% of these RSUs are scheduled to vest on each of August 1, 2028 and August 1, 2029, subject in each case to continued service through each vesting date.

11. 50% of these RSUs are scheduled to vest on February 1, 2028 and 25% of these RSUs are scheduled to vest on each of February 1, 2029 and February 1, 2030, subject in each case to continued service through each vesting date.

	/s/ George Yong-Boon Yeo	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