PDDNasdaqServices-Business Services, NECFiscal year ends December 31
PDD Holdings Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026
$81.39+0.42 (+0.52%)
Close on Oct 19, 2026
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
7.6%
431M of 5.69B shares
Institutional holders
509
62 new, 114 sold out
Net institutional buying
6M
In Q2 2026
Insider trades, 12 months
0 buys · 3 sales
Net sold $348.35K
Shares held by institutions
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of PDD | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 31,969,893 | 0.56% | $2.44B | −7,438,139 | 0.04% |
| Baillie Gifford & Co | 26,594,535 | 0.47% | $2.03B | −1,758,564 | 1.84% |
| H&H International Investment, LLC | 25,022,094 | 0.44% | $1.91B | +5,273,800 | 9.99% |
| Vanguard Capital Management LLC | 24,646,256 | 0.43% | $1.88B | +520,598 | 0.04% |
| Invesco Ltd. | 22,228,242 | 0.39% | $1.70B | +1,729,817 | 0.13% |
| Goldman Sachs Group Inc | 14,006,939 | 0.25% | $1.07B | +4,301,004 | 0.09% |
| HSG Holding Ltd | 11,348,426 | 0.20% | $865.66M | – | 69.64% |
| Himalaya Capital Management LLC | 10,761,119 | 0.19% | $820.86M | +6,153,119 | 22.17% |
| State Street Corp | 10,303,417 | 0.18% | $785.94M | −1,730,280 | 0.02% |
| NetEase, Inc. | 9,566,480 | 0.17% | $729.73M | +700,000 | 95.34% |
| First Beijing Investment Ltd | 9,377,416 | 0.16% | $715.31M | +1,228,254 | 29.27% |
| Norges Bank | 9,338,120 | 0.16% | $712.31M | New | 0.07% |
| Sc US (Ttgp), Ltd. | 8,841,576 | 0.16% | $674.44M | – | 2.11% |
| UBS Asset Management Americas Inc | 8,726,228 | 0.15% | $665.64M | +143,225 | 0.12% |
| Sanders Capital, LLC | 7,936,717 | 0.14% | $605.41M | −155,084 | 0.61% |
| Vanguard Fiduciary Trust Co | 6,658,003 | 0.12% | $507.87M | +138,198 | 0.11% |
| Geode Capital Management, LLC | 6,639,259 | 0.12% | $504.12M | −213,668 | 0.03% |
| FIL Ltd | 6,292,692 | 0.11% | $480.01M | −556,579 | 0.34% |
| JPMorgan Chase & Co | 6,017,649 | 0.11% | $460.59M | −1,893,188 | 0.03% |
| Krane Funds Advisors LLC | 5,780,324 | 0.10% | $440.92M | +47,140 | 15.63% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 509 | 431M | 7.6% | 62 / 150 | 235 / 114 | 64M | 58M |
| Q1 2026 | 568 | 425M | 7.5% | 79 / 223 | 193 / 73 | 89M | 74M |
| Q4 2025 | 574 | 443M | 7.8% | 101 / 231 | 172 / 72 | 79M | 47M |
| Q3 2025 | 559 | 414M | 7.3% | 93 / 220 | 176 / 66 | 60M | 54M |
| Q2 2025 | 537 | 411M | 7.2% | 74 / 201 | 203 / 113 | 53M | 97M |
| Q1 2025 | 584 | 456M | 8.0% | 99 / 226 | 186 / 94 | 87M | 28M |
| Q4 2024 | 587 | 401M | 7.0% | 114 / 194 | 225 / 118 | 50M | 80M |
| Q3 2024 | 602 | 432M | 7.6% | 100 / 236 | 224 / 138 | 89M | 70M |
| Q2 2024 | 646 | 442M | 7.8% | 147 / 284 | 171 / 69 | 87M | 54M |
| Q1 2024 | 576 | 410M | 7.2% | 99 / 223 | 203 / 96 | 57M | 48M |
| Q4 2023 | 583 | 402M | 7.1% | 158 / 218 | 154 / 39 | 68M | 34M |
| Q3 2023 | 472 | 368M | 6.5% | 88 / 212 | 123 / 64 | 77M | 44M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of PDD | Value | % of fund | As of |
|---|---|---|---|---|---|
| Invesco QQQ Trust, Series 1 | 14,178,223 | 0.25% | $1.08B | 0.22% | Jun 30, 2026 |
| Vanguard Total International Stock Index Fund | 11,350,234 | 0.20% | $1.01B | 0.16% | Jul 31, 2026 |
| Vanguard Emerging Markets Stock Index Fund | 10,821,460 | 0.19% | $958.35M | 0.59% | Jul 31, 2026 |
| iShares Core MSCI Emerging Markets ETF | 7,872,162 | 0.14% | $664.73M | 0.41% | May 31, 2026 |
| KraneShares CSI China Internet ETF | 5,093,422 | 0.09% | $388.53M | 7.92% | Jun 30, 2026 |
| Invesco China Technology ETF | 3,832,224 | 0.07% | $339.38M | 11.12% | Jul 31, 2026 |
| Vanguard International Growth Fund | 3,509,988 | 0.06% | $296.38M | 0.67% | May 31, 2026 |
| Dodge & Cox International Stock Fund | 3,004,100 | 0.05% | $229.15M | 0.34% | Jun 30, 2026 |
| Invesco NASDAQ 100 ETF | 2,837,846 | 0.05% | $239.63M | 0.25% | May 31, 2026 |
| Fidelity SAI Emerging Markets Value Index Fund | 2,163,808 | 0.04% | $191.63M | 1.59% | Jul 31, 2026 |
| Avantis Emerging Markets Equity ETF | 2,161,659 | 0.04% | $182.53M | 0.70% | May 31, 2026 |
| Vanguard Ftse All-World Ex-US Index Fund | 1,838,118 | 0.03% | $162.78M | 0.17% | Jul 31, 2026 |
| iShares MSCI China ETF | 1,714,274 | 0.03% | $144.75M | 2.28% | May 31, 2026 |
| iShares MSCI Emerging Markets ETF | 1,679,890 | 0.03% | $141.85M | 0.47% | May 31, 2026 |
| EUPAC Fund | 1,341,080 | 0.02% | $102.30M | 0.07% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Jiazhen Zhao | Co-Chief Executive Officer, Director | 64 | 0.00% | Jul 2, 2026 |
| Lei (LC) Chen | Co-Chief Executive Office, Director | – | – | Mar 18, 2026 |
| Mi Wang | SVP of Engineering | – | – | Jul 2, 2026 |
| Jiong Li | Financial Director | – | – | Mar 18, 2026 |
| Junyun Xiao | SVP of Operation | – | – | Mar 18, 2026 |
| Zhenwei Zheng | SVP of Product Development | 281,739 | 0.00% | Mar 18, 2026 |
| Jun Liu | VP of Finance | – | – | Mar 18, 2026 |
| Anthony Ping Leung Kam | Director | 0 | – | Sep 4, 2026 |
| George Yong-Boon Yeo | Director | 27,212 | 0.00% | Aug 4, 2026 |
| Ivonne MCM Rietjens | Director | 0 | – | Apr 1, 2026 |
| Haifeng Lin | Director | 36,982 | 0.00% | Mar 18, 2026 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Anthony Ping Leung Kam Director | Sep 3, 2026 | Sale | −1,705 | $82.20 | $140.15K | 0 |
| Anthony Ping Leung Kam Director | Sep 1, 2026 | Option exercise | +1,705 | – | – | 1,705 |
| George Yong-Boon Yeo Director | Aug 1, 2026 | Option exercise | +1,584 | – | – | 27,212 |
| Ivonne MCM Rietjens Director | Mar 30, 2026 | Sale | −560 | $99.59 | $55.77K | 0 |
| Anthony Ping Leung Kam Director | Mar 30, 2026 | Sale | −1,533 | $99.43 | $152.43K | 0 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Anthony Ping Leung Kam Director | Sep 3, 2026 | 1,705 | $140.24K | Sep 3, 2026 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Anthony Ping Leung Kam Director | Mar 30, 2026 | 1,533 | $153.01K | Mar 30, 2026 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Ivonne MCM Rietjens Director, NON EXECUTIVE DIRECTOR | Mar 30, 2026 | 560 | $55.89K | Mar 30, 2026 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Jiazhen Zhao Officer | Sep 23, 2025 | 40,000 | $5.14M | Sep 23, 2025 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Anthony Ping Leung Kam Director | Sep 3, 2025 | 2,127 | $258.83K | Sep 3, 2025 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Anthony Ping Leung Kam Director | Mar 25, 2025 | 1,553 | $198.97K | Mar 25, 2025 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Jiazhen Zhao Officer | Dec 30, 2024 | 40,000 | $3.90M | Dec 30, 2024 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Jiazhen Zhao Officer | Dec 9, 2024 | 16 | $1.60K | Dec 9, 2024 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Anthony Ping Leung Kam Director | Sep 25, 2024 | 2,343 | $266.63K | Sep 25, 2024 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Jiazhen Zhao Officer | Mar 27, 2024 | 20,000 | $2.40M | Mar 27, 2024 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Zhenwei Zheng Officer | Mar 26, 2024 | 170,101 | $20.39M | Mar 26, 2024 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Anthony Ping Leung Kam Director | Mar 25, 2024 | 2,392 | $294.19K | Mar 25, 2024 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Jiazhen Zhao Officer | Dec 8, 2023 | 15 | $2.10K | Dec 8, 2023 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Junyun Xiao Officer | Dec 7, 2023 | 49,000 | $6.96M | Dec 7, 2023 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |
| Jun Liu Officer | Dec 1, 2023 | 10,146 | $1.50M | Dec 1, 2023 | ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN |