Pdd

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-09-01 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: PDD Holdings Inc. (PDD) CIK: 0001737806 --- Reporting Owner --- Name: Kam Anthony Ping Leung CIK: 0001993262 Role: Director --- Non-Derivative Transactions --- [Transaction #1] Security: ADSs Date: 2026-09-01 | Code: M (Exercise of derivative) Shares: +1,705 Shares Owned After: 1,705 | Ownership: D (Direct) Footnotes: [F1] Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares. [F2] Each RSU represents the right to receive, at settlement after vesting, one ADS. --- Derivative Transactions --- [Transaction #1] Security: Restricted Share Units (RSUs) Date: 2026-09-01 | Code: M (Exercise of derivative) Shares: -1,220 | Price: $0.00 Shares Owned After: 0 | Ownership: D (Direct) Footnotes: [F2] Each RSU represents the right to receive, at settlement after vesting, one ADS. [F3] These RSUs vested on September 1, 2026 and were settled in ADSs on the same date. [F3] These RSUs vested on September 1, 2026 and were settled in ADSs on the same date. [F1] Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares. [Transaction #2] Security: Restricted Share Units (RSUs) Date: 2026-09-01 | Code: M (Exercise of derivative) Shares: -485 | Price: $0.00 Shares Owned After: 486 | Ownership: D (Direct) Footnotes: [F2] Each RSU represents the right to receive, at settlement after vesting, one ADS. [F4] 485 of these RSUs vested on September 1, 2026 and were settled in ADSs on the same date. 243 of these RSUs are scheduled to vest on each of September 1, 2027 and September 1, 2028, subject in each case to continued service through each vesting date. [F4] 485 of these RSUs vested on September 1, 2026 and were settled in ADSs on the same date. 243 of these RSUs are scheduled to vest on each of September 1, 2027 and September 1, 2028, subject in each case to continued service through each vesting date. [F1] Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares. [Transaction #3] Security: Restricted Share Units (RSUs) Date: 2026-09-01 | Code: A (Grant or award) Shares: +391 | Price: $0.00 Shares Owned After: 391 | Ownership: D (Direct) Footnotes: [F2] Each RSU represents the right to receive, at settlement after vesting, one ADS. [F5] 50% of these RSUs are scheduled to vest on September 1, 2028 and 25% of these RSUs are scheduled to vest on each of September 1, 2029 and September 1, 2030, subject in each case to continued service through each vesting date. [F5] 50% of these RSUs are scheduled to vest on September 1, 2028 and 25% of these RSUs are scheduled to vest on each of September 1, 2029 and September 1, 2030, subject in each case to continued service through each vesting date. [F1] Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares. --- Footnotes (Complete Index) --- F1: Each American depositary share ("ADS") of the Issuer represents four (4) Class A ordinary shares. F2: Each RSU represents the right to receive, at settlement after vesting, one ADS. F3: These RSUs vested on September 1, 2026 and were settled in ADSs on the same date. F4: 485 of these RSUs vested on September 1, 2026 and were settled in ADSs on the same date. 243 of these RSUs are scheduled to vest on each of September 1, 2027 and September 1, 2028, subject in each case to continued service through each vesting date. F5: 50% of these RSUs are scheduled to vest on September 1, 2028 and 25% of these RSUs are scheduled to vest on each of September 1, 2029 and September 1, 2030, subject in each case to continued service through each vesting date. --- Signature --- /s/ /s/ ANTHONY KAM PING LEUNG (2026-09-02)