Wang Mi - 18 Mar 2026 Form 3 Insider Report for PDD Holdings Inc. (PDD)

Role
SVP of Engineering
Signature
/s/ Wang Mi
Issuer symbol
PDD
Transactions as of
18 Mar 2026
Net transactions value
$0
Form type
3
Filing time
18 Mar 2026, 21:02:20 UTC
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Wang Mi SVP of Engineering FIRST FLOOR, 25 ST STEPHEN'S GREEN, DUBLIN 2, IRELAND /s/ Wang Mi 18 Mar 2026 0002116869

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding PDD Options (right to buy) 18 Mar 2026 ADSs 322,350 Direct F1, F2, F3
holding PDD Options (right to buy) 18 Mar 2026 ADSs 18,750 Direct F2, F3, F4
holding PDD Options (right to buy) 18 Mar 2026 ADSs 37,500 Direct F2, F3, F5
holding PDD Options (right to buy) 18 Mar 2026 ADSs 18,750 Direct F2, F3, F6
holding PDD Options (right to buy) 18 Mar 2026 ADSs 15,000 Direct F2, F3, F7
holding PDD Options (right to buy) 18 Mar 2026 ADSs 40,000 Direct F2, F3, F8
holding PDD Options (right to buy) 18 Mar 2026 ADSs 30,000 Direct F2, F3, F9
holding PDD Options (right to buy) 18 Mar 2026 ADSs 30,000 Direct F2, F3, F10
holding PDD Options (right to buy) 18 Mar 2026 ADSs 100,000 Direct F2, F3, F11
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These options are all exercisable as of the filing date. The expiration dates for 286,100 options, 18,750 options and 17,500 options are February 28, 2039, August 31, 2039 and March 31, 2040, respectively.
F2 Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.
F3 Each option represents the right to receive, at settlement after exercise, one American Depositary Share ("ADS") of the Issuer, and has an exercise price of US$0.026.
F4 These options will become exercisable on September 1, 2026. The expiration date for these options is August 31, 2039. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F5 Half of these options will become exercisable on each of the following dates: April 1, 2026 and April 1, 2027. The expiration date for these options is March 31, 2040. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F6 One-third of these options will become exercisable on each of the following dates: April 1, 2026, April 1, 2027 and April 1, 2028. The expiration date for these options is March 31, 2041. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F7 One-fourth of these options will become exercisable on each of the following dates: April 1, 2026, April 1, 2027, April 1, 2028 and April 1, 2029. The expiration date for these options is March 31, 2042. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F8 One-fourth of these options will become exercisable on each of the following dates: June 1, 2027, June 1, 2028, June 1, 2029 and June 1, 2030. The expiration date for these options is May 31, 2043. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F9 One-fourth of these options will become exercisable on each of the following dates: May 1, 2028, May 1, 2029, May 1, 2030 and May 1, 2031. The expiration date for these options is April 30, 2044. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F10 One-fourth of these options will become exercisable on each of the following dates: May 1, 2029, May 1, 2030, May 1, 2031 and May 1, 2032. The expiration date for these options is April 30, 2045. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.
F11 One-fourth of these options will become exercisable on each of the following dates: December 1, 2029, December 1, 2030, December 1, 2031 and December 1, 2032. The expiration date for these options is November 30, 2045. The date exercisable has taken into account the three-year lock-up period included as a term in the grant of options.