PDD director sells 560 ADSs in open-market trade

PDD Holdings Inc. director Ivonne MCM Rietjens reported an open-market sale of 560 American depositary shares (ADSs) of PDD.

Accepted by SEC EDGAR 04/01/2026 - 07:39 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

PDD Holdings Inc. director Ivonne MCM Rietjens reported an open-market sale of 560 American depositary shares (ADSs) of PDD. The ADSs were sold at an average price of $99.5936 per ADS. Following this transaction, the filing shows Rietjens holding zero ADSs directly. Each PDD ADS represents four Class A ordinary shares.

Insider Trade Summary

Net Seller: 560 shares

Net Sell 1 txn

Insider Rietjens Ivonne MCM

Role Director

Sold 560 shs ($56K)

Type	Security	Shares	Price	Value
Sale	ADSs	560	$99.5936	$56K

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: 560 ADSs Sale price per ADS: $99.5936 per ADS Shares after transaction: 0 ADSs +2 more

5 metrics

ADSs sold 560 ADSs Open-market sale on 2026-03-30

Sale price per ADS $99.5936 per ADS Reported transaction price

Shares after transaction 0 ADSs Total ADSs directly owned following sale

Net shares sold 560 ADSs Net buy/sell shares in transaction summary

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

Key Terms

American depositary share, ADSs, open-market sale, Class A ordinary shares

4 terms

American depositary share financial

"Each American depositary share ("ADS") of the Issuer represents four (4)"

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

"security_title: "ADSs" and transaction in non-derivative ADSs"

open-market sale financial

"transaction_action: "open-market sale" for the reported ADS transaction"

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.

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

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

What insider transaction did PDD (PDD) director Ivonne Rietjens report?

Ivonne MCM Rietjens reported selling 560 PDD ADSs. The Form 4 shows an open-market sale of American depositary shares of PDD Holdings Inc., reflecting a reduction of her direct holdings to zero ADSs after the transaction.

How many PDD (PDD) ADSs were sold and at what price?

The director sold 560 PDD ADSs at $99.5936 each. The Form 4 lists a single non-derivative transaction coded as an open-market sale, with the reported transaction price per ADS of $99.5936 on the trade date.

What does one PDD (PDD) ADS represent in ordinary shares?

Each PDD ADS represents four Class A ordinary shares. A footnote to the Form 4 explains that every American depositary share of PDD Holdings Inc. corresponds to four underlying Class A ordinary shares of the issuer.

Did the PDD (PDD) director retain any ADSs after this sale?

No, the filing shows zero ADSs held after the sale. The Form 4 states that total ADSs owned directly following the reported open-market sale were 0.0000, indicating the director’s direct ADS position was fully sold.

Was the PDD (PDD) transaction a derivative or common equity trade?

The reported PDD trade involved non-derivative ADSs. The Form 4 classifies the security as ADSs and the transaction type as non-derivative, with no remaining derivative positions disclosed in the derivative summary section.

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

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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^*

Rietjens Ivonne MCM

(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		560	D	$99.5936	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/ Rietjens Ivonne MCM	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)