PDD Holdings (NASDAQ: PDD) SVP awarded 40,000 ADS options in long-term grant

Rhea-AI Filing Summary

PDD Holdings Inc. reported that SVP of Engineering Wang Mi received a grant of 40,000 options to buy ADSs of the company. The options have an exercise price of $0.026 per ADS and expire on June 30, 2046.

According to the grant terms, one-fourth of the options will become exercisable on each of July 1, 2030, July 1, 2031, July 1, 2032 and July 1, 2033, reflecting a long-term vesting schedule that incorporates a three-year lock-up period. After this award, the filing shows 40,000 options held directly by Wang Mi, each representing the right to receive one ADS upon exercise.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Wang Mi

Role SVP of Engineering

Type	Security	Shares	Price	Value
Grant/Award	Options (right to buy)	40,000	$0.00	--

Holdings After Transaction: Options (right to buy) — 40,000 shares (Direct, null)

Footnotes (1)

1. One-fourth of these options will become exercisable on each of the following dates: July 1, 2030, July 1, 2031, July 1, 2032 and July 1, 2033. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options. Each option represents the right to receive, at settlement after exercise, one American Depositary Share ("ADS") of the Issuer.

Key Figures

Options granted: 40,000 options Exercise price: $0.026 per ADS Options outstanding after grant: 40,000 options +3 more

6 metrics

Options granted 40,000 options Grant to SVP of Engineering Wang Mi

Exercise price $0.026 per ADS Conversion or exercise price of options

Options outstanding after grant 40,000 options Total derivative holdings following transaction

Expiration date June 30, 2046 Option term end date

First vesting date July 1, 2030 First one-fourth of options become exercisable

Final vesting date July 1, 2033 Last one-fourth of options become exercisable

Key Terms

American Depositary Share, lock-up period, grant of options, vesting schedule

4 terms

American Depositary Share financial

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

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.

lock-up period financial

"The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options."

A lock-up period is a fixed time after a stock offering during which company insiders and early investors are legally barred from selling their shares. It matters because when that restriction expires a large block of previously locked-up shares can enter the market at once, potentially lowering the stock price or spiking trading volume—like opening a floodgate—so investors monitor these dates to anticipate price moves and manage risk.

grant of options financial

"The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options."

A grant of options is a company giving someone the right to buy a set number of shares at a fixed price in the future, usually after meeting time or performance conditions; think of it like a coupon that becomes usable only after certain milestones are reached. Investors care because exercised options can increase the number of shares outstanding (dilution), signal how the company pays and motivates people, and affect reported expenses and per-share metrics.

vesting schedule financial

"One-fourth of these options will become exercisable on each of the following dates: July 1, 2030, July 1, 2031, July 1, 2032 and July 1, 2033."

A vesting schedule is a timeline that determines when someone gains full ownership of certain benefits, such as company stock or retirement contributions. Think of it like earning the right to own a gift gradually over time, rather than receiving it all at once. It matters to investors because it affects when they can fully access or sell these benefits, influencing their financial planning and decision-making.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 08:44 PM Accepted by SEC EDGAR 07/02/2026 - 08:43 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^*

Wang Mi

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

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

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
Options (right to buy)	$0.026	07/01/2026		A		40,000		(1)	06/30/2046	ADSs(2)	40,000	$0	40,000	D

Explanation of Responses:

1. One-fourth of these options will become exercisable on each of the following dates: July 1, 2030, July 1, 2031, July 1, 2032 and July 1, 2033. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.

2. Each option represents the right to receive, at settlement after exercise, one American Depositary Share ("ADS") of the Issuer.

	/s/ Wang Mi	07/02/2026
	** 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)

FAQ

What did PDD (PDD) SVP of Engineering Wang Mi report in this Form 4?

Wang Mi reported receiving a grant of 40,000 stock options linked to PDD ADSs. These options were awarded as compensation and give the right to buy ADSs at a fixed exercise price in the future, subject to a long-term vesting schedule.

How many PDD (PDD) options were granted to Wang Mi and at what exercise price?

The filing shows a grant of 40,000 options with an exercise price of $0.026 per ADS. This means each option, once vested and exercised, allows purchase of one PDD ADS at $0.026, regardless of the market price at that time.

When do Wang Mi’s 40,000 PDD (PDD) options vest according to the Form 4?

One-fourth of the options becomes exercisable on July 1, 2030, 2031, 2032 and 2033. This four-year vesting schedule, after a three-year lock-up period, ties the award to long-term service and performance with PDD Holdings.

What is the expiration date of the PDD (PDD) options granted to Wang Mi?

The options expire on June 30, 2046, as disclosed in the Form 4. After that date, any unexercised options lapse and can no longer be used to acquire PDD ADSs, even if they had previously vested under the grant terms.

Does each option granted to Wang Mi represent one PDD (PDD) ADS?

Yes. Each option represents the right to receive one PDD American Depositary Share upon exercise. Once vested and exercised, every option converts into one ADS, giving Wang Mi direct economic exposure to PDD’s listed shares.