Director at PDD Holdings (PDD) sells 1,533 ADSs, exits stake

Rhea-AI Filing Summary

PDD Holdings Inc. director Kam Anthony Ping Leung sold shares in the company. On March 30, 2026, he completed an open-market sale of 1,533 ADSs at an average price of $99.4287 per ADS, leaving 0 ADSs held directly after the transaction.

Each ADS represents four Class A ordinary shares, so the sale reduced his direct economic interest in PDD common equity to zero.

Insider Trade Summary

Net Seller: 1,533 shares ($152,424)

Net Sell 1 txn

Insider Kam Anthony Ping Leung

Role Director

Sold 1,533 shs ($152K)

Type	Security	Shares	Price	Value
Sale	ADSs	1,533	$99.4287	$152K

Holdings After Transaction: ADSs — 0 shares (Direct)

Footnotes (1)

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Key Figures

ADSs sold: 1,533 ADSs Average sale price: $99.4287 per ADS Direct holdings after sale: 0 ADSs +1 more

4 metrics

ADSs sold 1,533 ADSs Open-market sale on March 30, 2026

Average sale price $99.4287 per ADS Open-market transaction

Direct holdings after sale 0 ADSs Total shares following transaction

ADS to share ratio 1 ADS = 4 Class A ordinary shares Footnote disclosure

Key Terms

ADSs, Class A ordinary shares, open-market sale, Form 4

4 terms

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.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

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)
03/30/2026

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)	03/30/2026		S		1,533	D	$99.4287	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	04/01/2026
	** 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 insider transaction did PDD (PDD) disclose in this Form 4?

PDD disclosed that director Kam Anthony Ping Leung sold 1,533 ADSs. The transaction was an open-market sale on March 30, 2026 at an average price of $99.4287 per ADS, fully eliminating his directly held ADS position.

At what price did the PDD (PDD) director sell his ADSs?

The ADSs were sold at an average price of $99.4287 each. This price reflects the weighted average for the 1,533 American depositary shares sold in the open market on March 30, 2026, according to the Form 4 disclosure.

How many PDD (PDD) ADSs does the director hold after this sale?

After the transaction, the director holds 0 ADSs directly. The Form 4 reports total shares following the transaction as 0, indicating his direct ADS holdings in PDD were fully sold in this disclosed open-market trade.

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

Each PDD ADS represents four Class A ordinary shares. The Form 4 footnote specifies that one American depositary share equals four underlying Class A ordinary shares, clarifying the economic exposure associated with the 1,533 ADSs that were sold.

Was the PDD (PDD) insider transaction a purchase or a sale?

The insider transaction was a sale of ADSs. The Form 4 uses transaction code "S" and describes it as an open-market sale, with 1,533 ADSs of PDD Holdings Inc. sold and no ADSs remaining directly held afterward.