PDD director discloses initial RSU and ADS holdings

Q: When are Ivonne Rietjens’ PDD RSU awards scheduled to vest?

The reported RSU awards vest over multiple dates from September 1, 2026 through March 1, 2030. Vesting occurs in tranches, often 50% initially and 25% on each of two later anniversaries, and is conditioned on continued service through each vesting date.

Q: Does the PDD Form 3 show any open-market buying or selling by Ivonne Rietjens?

The disclosure lists holdings of RSUs and 560 ADSs, but no open-market purchases or sales. Transactions are categorized as holding entries with no buy or sell transaction codes, indicating the filing is about existing equity positions, not trading activity.

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.

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Form Type

Rhea-AI Filing Summary

PDD Holdings Inc. director Ivonne MCM Rietjens has filed an initial statement of beneficial ownership showing multiple awards of restricted share units (RSUs) over American depositary shares (ADSs) and a separate direct holding of 560 ADSs as of March 18, 2026. Each ADS represents four Class A ordinary shares. The RSUs have a zero exercise price and are scheduled to vest in tranches between September 1, 2026 and March 1, 2030, with each vesting date conditional on continued service. This filing outlines her equity-based compensation position rather than any open-market buying or selling.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Rietjens Ivonne MCM

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	ADSs	--	--	--

Holdings After Transaction: Restricted Share Units (RSUs) — 3,984 contracts (Direct); ADSs — 560 shares (Direct)

Footnotes (7)

F1. Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.
F2. These RSUs are scheduled to vest as to 280 RSUs on March 1, 2027 and 280 RSUs on March 1, 2028, subject in each case to continued service through each vesting date.
F3. Each RSU represents the right to receive, at settlement after vesting, one American depositary share ("ADS").
F4. 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.
F5. 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.
F6. 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.
F7. 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 insider position did PDD director Ivonne Rietjens report on this Form 3?

Ivonne MCM Rietjens reported initial beneficial ownership in PDD Holdings Inc., including several grants of restricted share units (RSUs) over ADSs and a separate direct holding of 560 ADSs. The disclosure reflects her starting equity stake as a company director.

What do the RSUs reported by PDD director Ivonne Rietjens represent?

Each RSU reported by Ivonne MCM Rietjens represents the right to receive, after vesting and settlement, one ADS of PDD Holdings. Each ADS in turn represents four Class A ordinary shares, linking her RSU awards to future share ownership.

When are Ivonne Rietjens’ PDD RSU awards scheduled to vest?

The reported RSU awards vest over multiple dates from September 1, 2026 through March 1, 2030. Vesting occurs in tranches, often 50% initially and 25% on each of two later anniversaries, and is conditioned on continued service through each vesting date.

Does the PDD Form 3 show any open-market buying or selling by Ivonne Rietjens?

The disclosure lists holdings of RSUs and 560 ADSs, but no open-market purchases or sales. Transactions are categorized as holding entries with no buy or sell transaction codes, indicating the filing is about existing equity positions, not trading activity.

How are Ivonne Rietjens’ RSUs in PDD structured financially?

The RSUs reported for Ivonne MCM Rietjens have an exercise price of $0.0000, typical for stock-based compensation. Upon vesting and settlement, each RSU delivers one ADS without additional payment, directly linking her compensation to PDD’s share performance over time.

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^*

Rietjens Ivonne MCM

(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⁾	560	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⁾	560	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁴⁾	⁽⁴⁾	ADSs⁽¹⁾	1,570	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁵⁾	⁽⁵⁾	ADSs⁽¹⁾	1,231	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁶⁾	⁽⁶⁾	ADSs⁽¹⁾	286	⁽³⁾	D
Restricted Share Units (RSUs)	⁽⁷⁾	⁽⁷⁾	ADSs⁽¹⁾	337	⁽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 as to 280 RSUs on March 1, 2027 and 280 RSUs on March 1, 2028, subject in each case to continued service through each vesting date.

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

4. 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.

5. 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.

6. 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.

7. 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/ Rietjens Ivonne MCM	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