PDD director sells 1,705 ADSs at $82.20

A PDD Holdings Inc. director disclosed selling 1,705 ADSs and now reports no direct ADS holdings.

Rhea-AI Filing Summary

PDD Holdings Inc. director Kam Anthony Ping Leung reported a sale of 1,705 ADSs on September 3, 2026, described as a sale in the open market or a private transaction at $82.20 per ADS. After this transaction, he reported holding no ADSs directly. Each ADS represents four Class A ordinary shares.

Insider Trade Summary

Net Seller: 1,705 shares

Net Sell 1 txn

Insider Kam Anthony Ping Leung

Role Director

Sold 1,705 shs ($140K)

Type	Security	Shares	Price	Value
Sale	ADSs F1	1,705	$82.20	$140K

Holdings After Transaction: ADSs — 0 shares (Direct)

Footnotes (1)

1. F1. Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.

Key Figures

ADSs sold: 1,705 ADSs Sale price per ADS: $82.20 per ADS ADSs held after transaction: 0 ADSs +1 more

4 metrics

ADSs sold 1,705 ADSs Sale by director on September 3, 2026

Sale price per ADS $82.20 per ADS Open-market or private sale on September 3, 2026

ADSs held after transaction 0 ADSs Direct holdings reported following the sale

ADS to ordinary share ratio 1 ADS = 4 Class A ordinary shares Structural ratio for PDD Holdings Inc. ADSs

Key Terms

American depositary share, ADSs, Class A ordinary shares

3 terms

American depositary share financial

"Each American depositary share ("ADS") of the Issuer represents"

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

ADSs financial

"Each American depositary share ("ADS") of the Issuer represents"

Class A ordinary shares financial

"represents four (4) Class A ordinary shares."

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

FAQ

What insider transaction did PDD (PDD) report in this Form 4?

A director, Kam Anthony Ping Leung, reported a sale of 1,705 ADSs of PDD Holdings Inc. on September 3, 2026, in an open-market or private transaction at $82.20 per ADS.

How many PDD (PDD) ADSs did the director hold after the reported sale?

After the reported sale, the director held 0 ADSs directly in PDD Holdings Inc., according to the post-transaction holdings figure in the Form 4.

At what price were the PDD (PDD) ADSs sold in this insider transaction?

The 1,705 PDD Holdings Inc. ADSs were sold at a price of $82.20 per ADS, described as a sale in the open market or a private transaction.

When did the PDD (PDD) insider sale take place?

The insider sale of PDD Holdings Inc. ADSs by director Kam Anthony Ping Leung took place on September 3, 2026, as reported in the Form 4 filing.

Were the PDD (PDD) insider sales made under a Rule 10b5-1 trading plan?

The Form 4 indicates the Rule 10b5-1 checkbox is not checked, so the reported PDD Holdings Inc. ADS sale is not affirmed as being made under a Rule 10b5-1 trading plan.

What does each PDD (PDD) ADS represent in terms of ordinary shares?

Each PDD Holdings Inc. American depositary share (ADS) represents four Class A ordinary shares, according to the footnote in the Form 4 filing.

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Available on EDGAR 09/04/2026 - 04:01 PM Accepted by SEC EDGAR 09/04/2026 - 04:01 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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. Issuer Name and Ticker or Trading Symbol
PDD Holdings Inc. [ PDD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
ADSs(1)	09/03/2026		S		1,705	D	$82.2	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

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

	/s/ ANTHONY KAM PING LEUNG	09/04/2026
	** 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 4 (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 4: SEC 1474 (03-26)