Zhao Jiazhen - 18 Mar 2026 Form 3 Insider Report for PDD Holdings Inc. (PDD)

Role: Co-Chief Executive Officer, Director
Signature: /s/ Zhao Jiazhen
Issuer symbol: PDD
Transactions as of: 18 Mar 2026
Net transactions value: $0
Form type: 3
Filing time: 18 Mar 2026, 21:05:29 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Zhao Jiazhen	Co-Chief Executive Officer, Director	FIRST FLOOR, 25 ST STEPHEN'S GREEN, DUBLIN 2, IRELAND	/s/ Zhao Jiazhen	18 Mar 2026	0001983928

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	PDD	ADSs						64	18 Mar 2026	Direct	F1

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	727,531		Direct	F1, F2, F3
holding	PDD	Options (right to buy)							18 Mar 2026	ADSs	37,500		Direct	F1, F3, F4
holding	PDD	Options (right to buy)							18 Mar 2026	ADSs	93,750		Direct	F1, F3, F5
holding	PDD	Options (right to buy)							18 Mar 2026	ADSs	112,500		Direct	F1, F3, F6
holding	PDD	Options (right to buy)							18 Mar 2026	ADSs	225,000		Direct	F1, F3, F7
holding	PDD	Options (right to buy)							18 Mar 2026	ADSs	225,000		Direct	F1, F3, F8
holding	PDD	Options (right to buy)							18 Mar 2026	ADSs	150,000		Direct	F1, F3, F9
holding	PDD	Options (right to buy)							18 Mar 2026	ADSs	75,000		Direct	F1, F3, F10
holding	PDD	Options (right to buy)							18 Mar 2026	ADSs	50,000		Direct	F1, F3, F11

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares.
F2	These options are all exercisable as of the filing date. The expiration dates for 196,281 options, 200,000 options, 150,000 options, 112,500 options, 31,250 options and 37,500 options are August 31, 2036, February 28, 2037, August 31, 2038, August 31, 2039, March 31, 2041 and September 30, 2041, respectively.
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	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.
F6	One-third of these options will become exercisable on each of the following dates: October 1, 2026, October 1, 2027 and October 1, 2028. The expiration date for these options is September 30, 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: October 1, 2026, October 1, 2027, October 1, 2028 and October 1, 2029. The expiration date for these options is September 30, 2042. 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, 2027, May 1, 2028, May 1, 2029 and May 1, 2030. The expiration date for these options is April 30, 2043. 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: December 1, 2027, December 1, 2028, December 1, 2029 and December 1, 2030. The expiration date for these options is November 30, 2043. 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: 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.