PDD director awarded 1,705 ADSs, 391 new RSUs

Director Anthony Ping Leung Kam disclosed 1,705 ADS issued from RSU vesting and a new 391-RSU grant, not executed under a Rule 10b5-1 plan.

Rhea-AI Filing Summary

PDD Holdings Inc. (PDD) director Anthony Ping Leung Kam reported RSU vesting and a new equity award. On September 1, 2026, a total of 1,705 ADSs were issued upon settlement of previously granted RSUs, and a separate grant of 391 RSUs was awarded with multi‑year vesting. The transactions were not reported as made under a Rule 10b5-1 trading plan.

Insider Trade Summary

1,705 shares exercised/converted

Exercise 4 txns

Insider Kam Anthony Ping Leung

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Share Units (RSUs) F2, F3, F1	1,220	$0.00	$0.00
Exercise	Restricted Share Units (RSUs) F2, F4, F1	485	$0.00	$0.00
Grant/Award	Restricted Share Units (RSUs) F2, F5, F1	391	$0.00	$0.00
Exercise	ADSs F1, F2	1,705	--	--

Holdings After Transaction: Restricted Share Units (RSUs) — 877 contracts (Direct); ADSs — 1,705 shares (Direct)

Footnotes (5)

1. F1. Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.
2. F2. Each RSU represents the right to receive, at settlement after vesting, one ADS.
3. F3. These RSUs vested on September 1, 2026 and were settled in ADSs on the same date.
4. F4. 485 of these RSUs vested on September 1, 2026 and were settled in ADSs on the same date. 243 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. F5. 50% of these RSUs are scheduled to vest on September 1, 2028 and 25% of these RSUs are scheduled to vest on each of September 1, 2029 and September 1, 2030, subject in each case to continued service through each vesting date.

Key Figures

RSUs vested and settled: 1,220 RSUs Partially vesting RSU tranche: 485 RSUs ADSs issued upon RSU settlement: 1,705 ADSs +4 more

7 metrics

RSUs vested and settled 1,220 RSUs RSUs that vested and were settled in ADSs on September 1, 2026

Partially vesting RSU tranche 485 RSUs RSUs of which 485 vested and were settled on September 1, 2026, with additional amounts scheduled to vest in 2027 and 2028

ADSs issued upon RSU settlement 1,705 ADSs Total ADSs received on September 1, 2026 when previously granted RSUs were settled

New RSU grant 391 RSUs RSUs granted on September 1, 2026 with vesting in 2028, 2029 and 2030

Future vesting from F4 award 243 RSUs in 2027; 243 RSUs in 2028 Scheduled vesting on September 1, 2027 and September 1, 2028, subject to continued service

Future vesting from F5 award 50% in 2028; 25% in 2029; 25% in 2030 Percentage vesting schedule for the 391 RSUs granted, with dates in 2028, 2029 and 2030

ADS to ordinary share ratio 1 ADS = 4 Class A ordinary shares Each American depositary share of PDD Holdings Inc. represents four Class A ordinary shares

Key Terms

American depositary share, ADSs, Restricted Share Units (RSUs), Class A ordinary shares

4 terms

American depositary share financial

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

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

"These RSUs vested on September 1, 2026 and were settled in ADSs on the same date."

Restricted Share Units (RSUs) financial

"Each RSU represents the right to receive, at settlement after vesting, one ADS."

Restricted share units (RSUs) are a form of employee pay where a company promises to give shares (or their cash value) to workers after certain conditions, usually time or performance, are met. For investors, RSUs matter because they can increase the number of shares outstanding and signal how management is being paid and incentivized—think of them as delayed bonuses that convert into ownership when vesting conditions are satisfied.

Class A ordinary shares financial

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

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

What equity transactions did PDD (PDD) director Anthony Ping Leung Kam report on September 1, 2026?

He reported settlement of previously granted RSUs into 1,705 ADSs and a new grant of 391 RSUs. The settled RSUs converted into ADSs on September 1, 2026, while the new RSU grant vests over several future dates, subject to continued service.

How many ADSs did the PDD (PDD) director acquire through RSU settlement?

A total of 1,705 ADSs of PDD Holdings Inc. were issued on September 1, 2026 upon settlement of 1,220 vested RSUs and 485 RSUs that partially vested on that date, each RSU delivering one ADS at settlement after vesting.

What are the future vesting terms for the 485 RSUs reported by PDD (PDD)?

For the 485 RSUs, 243 RSUs vested and were settled on September 1, 2026, and 243 RSUs are scheduled to vest on each of September 1, 2027 and September 1, 2028, in each case subject to continued service through the applicable vesting date.

What is the vesting schedule for the new 391 RSUs granted by PDD (PDD)?

For the 391 new RSUs, 50% are scheduled to vest on September 1, 2028, and 25% are scheduled to vest on each of September 1, 2029 and September 1, 2030, subject in each case to continued service through the relevant vesting date.

How do PDD (PDD) ADSs relate to Class A ordinary shares?

Each American depositary share (ADS) of PDD Holdings Inc. represents four Class A ordinary shares. The transactions reported show RSUs settling into ADSs, with each RSU delivering one ADS, and each ADS in turn representing four underlying Class A ordinary shares.

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

No. The filing indicates that the transactions were not reported as being made pursuant to a Rule 10b5-1 trading plan, so their timing was not described as pre-arranged under such a plan.

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

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Available on EDGAR 09/02/2026 - 06:05 AM EDT Accepted by SEC EDGAR 09/02/2026 - 06:03 AM EDT 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)
09/01/2026

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)	09/01/2026		M		1,705	A	(2)	1,705	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
Restricted Share Units (RSUs)	(2)	09/01/2026		M			1,220	(3)	(3)	ADSs(1)	1,220	$0.00	0	D
Restricted Share Units (RSUs)	(2)	09/01/2026		M			485	(4)	(4)	ADSs(1)	485	$0.00	486	D
Restricted Share Units (RSUs)	(2)	09/01/2026		A		391		(5)	(5)	ADSs(1)	391	$0.00	391	D

Explanation of Responses:

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

2. Each RSU represents the right to receive, at settlement after vesting, one ADS.

3. These RSUs vested on September 1, 2026 and were settled in ADSs on the same date.

4. 485 of these RSUs vested on September 1, 2026 and were settled in ADSs on the same date. 243 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 September 1, 2028 and 25% of these RSUs are scheduled to vest on each of September 1, 2029 and September 1, 2030, subject in each case to continued service through each vesting date.

	/s/ ANTHONY KAM PING LEUNG	09/02/2026
	** 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)