Vault-13

PDD HOLDINGS INC PDD

SPONSORED ADS · ADR · CUSIP 722304102 · ISIN US7223041028

560 institutional holders +21 vs Q2 2025
411,931,359411.9m shares reported held*
$54.4bnreported value*
85 new 220 added 177 reduced 64 sold out net bought ≈ $2.0bn (+15.3m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($273.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $132.02. Options: 52 managers hold calls ($10.7bn notional), 54 hold puts ($9.6bn).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0250500750Q3 22: 413Q4 22: 453Q1 23: 472Q2 23: 455Q3 23: 475Q4 23: 587Q1 24: 579Q2 24: 648Q3 24: 603Q4 24: 588Q1 25: 587Q2 25: 539Q3 25: 560560Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022413
Q4 2022453
Q1 2023472
Q2 2023455
Q3 2023475
Q4 2023587
Q1 2024579
Q2 2024648
Q3 2024603
Q4 2024588
Q1 2025587
Q2 2025539
Q3 2025560

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
5000500Q4 23: 350 bought or addedQ4 23: 194 cut or sold outQ1 24: 320 bought or addedQ1 24: 299 cut or sold outQ1 24Q2 24: 426 bought or addedQ2 24: 238 cut or sold outQ3 24: 324 bought or addedQ3 24: 362 cut or sold outQ3 24Q4 24: 273 bought or addedQ4 24: 341 cut or sold outQ1 25: 315 bought or addedQ1 25: 281 cut or sold outQ1 25Q2 25: 271 bought or addedQ2 25: 315 cut or sold outQ3 25: 305 bought or addedQ3 25: 241 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023350194
Q1 2024320299
Q2 2024426238
Q3 2024324362
Q4 2024273341
Q1 2025315281
Q2 2025271315
Q3 2025305241

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5bn$10bn$15bnQ4 24 calls: $6.2bnQ4 24 puts: $4.8bnQ4 24P/C 0.78Q1 25 calls: $7.0bnQ1 25 puts: $5.5bnQ1 25P/C 0.78Q2 25 calls: $5.0bnQ2 25 puts: $5.7bnQ2 25P/C 1.14Q3 25 calls: $10.7bnQ3 25 puts: $9.6bnQ3 25P/C 0.90
Numbers
QuarterCallsPutsP/C
Q4 2024$6.2bn$4.8bn0.78
Q1 2025$7.0bn$5.5bn0.78
Q2 2025$5.0bn$5.7bn1.14
Q3 2025$10.7bn$9.6bn0.90

Biggest buyers

JPMORGAN CHASE & CO Added +6,413,090+6.4m
HSBC HOLDINGS PLC Added +4,082,645+4.1m
FIL Ltd Added +3,653,902+3.7m
Aspex Management (HK) Ltd New +3,172,333+3.2m
JANE STREET GROUP, LLC Added +2,934,823+2.9m
Temasek Holdings (Private) Ltd Added +2,896,293+2.9m
BlackRock, Inc. Added +2,544,510+2.5m
FMR LLC Added +2,386,648+2.4m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +2,118,467+2.1m
HHLR ADVISORS, LTD. Added +1,615,796+1.6m

Biggest sellers

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sold out -9,239,441-9.2m
Assenagon Asset Management S.A. Reduced -5,736,129-5.7m
BAILLIE GIFFORD & CO Reduced -2,573,709-2.6m
HSG Holding Ltd Reduced -2,247,569-2.2m
SC US (TTGP), LTD. Reduced -1,751,059-1.8m
Dragoneer Investment Group, LLC Reduced -1,700,180-1.7m
SRS Investment Management, LLC Reduced -1,409,987-1.4m
UBS Group AG Reduced -1,344,348-1.3m
NATIONAL BANK OF CANADA /FI/ Reduced -1,205,447-1.2m
KEYWISE CAPITAL MANAGEMENT (HK) Ltd Reduced -1,105,200-1.1m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.3bn17.6m shares
JANE STREET GROUP, LLC Added $1.6bn12.3m shares
Brevan Howard Capital Management LP Added $1.4bn651.9k shares
IMC-Chicago, LLC Added $873.5m6.6m shares
CITADEL ADVISORS LLC Reduced $771.8m5.8m shares
PEAK6 LLC Added $633.0m4.8m shares
UBS Group AG Added $346.9m2.6m shares
Walleye Trading LLC Added $313.9m2.4m shares
D. E. Shaw & Co., Inc. Reduced $294.4m2.2m shares
GOLDMAN SACHS GROUP INC Added $242.8m1.8m shares

Biggest puts

JANE STREET GROUP, LLC Added $1.5bn11.6m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.3bn10.2m shares
Brevan Howard Capital Management LP Added $883.1m416.5k shares
Walleye Trading LLC Added $574.6m4.3m shares
CITADEL ADVISORS LLC Added $537.9m4.1m shares
HSBC HOLDINGS PLC Added $512.9m3.9m shares
D. E. Shaw & Co., Inc. Added $445.1m3.4m shares
IMC-Chicago, LLC Reduced $372.4m2.8m shares
Squarepoint Ops LLC Added $351.7m2.7m shares
UBS Group AG Added $336.3m2.5m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q3 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.08% of their portfolio New York, NY 35,843,25135.8m $4.7bn $4.7bn 0.08% Added +2.5m +2,544,510
2 VANGUARD GROUP INC 0.06% of their portfolio Valley Forge, PA 32,384,72232.4m $4.3bn $4.3bn 0.06% Added +349.0k +348,997
3 BAILLIE GIFFORD & CO 3.11% of their portfolio EDINBURGH, X0 31,799,00331.8m $4.2bn $4.2bn 3.11% Reduced -2.6m -2,573,709
4 FMR LLC 0.12% of their portfolio BOSTON, MA 17,319,71317.3m $2.3bn $2.3bn 0.12% Added +2.4m +2,386,648
5 STATE STREET CORP 0.06% of their portfolio BOSTON, MA 12,103,48212.1m $1.6bn $1.6bn 0.06% Added +374.9k +374,909
6 HSG Holding Ltd 77.21% of their portfolio NA, K3 11,348,42611.3m $1.5bn $1.5bn 77.21% Reduced -2.2m -2,247,569
7 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 11,163,65411.2m $1.5bn $1.5bn 0.05% Added +6.4m +6,413,090
8 GOLDMAN SACHS GROUP INC 0.19% of their portfolio NEW YORK, NY 10,051,27910.1m $1.3bn $1.3bn 0.19% Reduced -80.5k -80,497
9 SC US (TTGP), LTD. 7.21% of their portfolio Menlo Park, CA 8,841,5768.8m $1.2bn $1.2bn 7.21% Reduced -1.8m -1,751,059
10 HHLR ADVISORS, LTD. 27.76% of their portfolio GRAND CAYMAN, E9 8,592,6008.6m $1.1bn $1.1bn 27.76% Added +1.6m +1,615,796
11 H&H International Investment, LLC 7.72% of their portfolio PALO ALTO, CA 8,574,1948.6m $1.1bn $1.1bn 7.72% Reduced -88.5k -88,500
12 HSBC HOLDINGS PLC 0.65% of their portfolio LONDON, X0 8,407,6588.4m $1.1bn $1.1bn 0.65% Added +4.1m +4,082,645
13 Sanders Capital, LLC 1.32% of their portfolio West Palm Beach, FL 8,133,2908.1m $1.1bn $1.1bn 1.32% Reduced -393.3k -393,320
14 FIL Ltd 0.75% of their portfolio HAMILTON, D0 7,212,3107.2m $953.3m $953.3m 0.75% Added +3.7m +3,653,902
15 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 7,096,1627.1m $937.9m $937.9m 0.06% Reduced -1.0m -1,039,647
16 Orbis Allan Gray Ltd 3.94% of their portfolio HamiltoN, D0 6,942,3396.9m $917.6m $917.6m 3.94% Added +1.3m +1,294,611
17 GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio BOSTON, MA 6,399,8596.4m $840.1m $840.1m 0.05% Added +173.3k +173,321
18 First Beijing Investment Ltd 31.48% of their portfolio HONG KONG, K3 6,168,7216.2m $815.3m $815.3m 31.48% Added +590.9k +590,869
19 Krane Funds Advisors LLC 22.52% of their portfolio NEW YORK, NY 6,139,0726.1m $792.4m $792.4m 22.52% Added +1.2m +1,247,634
20 PRICE T ROWE ASSOCIATES INC /MD/ 0.08% of their portfolio BALTIMORE, MD 5,370,3725.4m $709.8m $709.8m 0.08% Added +332.8k +332,847
21 Invesco Ltd. 0.11% of their portfolio ATLANTA, GA 5,278,0265.3m $697.6m $697.6m 0.11% Added +1.3m +1,315,382
22 BNP PARIBAS FINANCIAL MARKETS 0.52% of their portfolio PARIS, I0 5,042,7635.0m $666.5m $666.5m 0.52% Reduced -421.3k -421,328
23 JANE STREET GROUP, LLC 0.72% of their portfolio NEW YORK, NY 4,675,6294.7m $618.0m $618.0m 0.72% Added +2.9m +2,934,823
24 Himalaya Capital Management LLC 18.85% of their portfolio SEATTLE, WA 4,608,0004.6m $609.0m $609.0m 18.85% Unchanged
25 Legal & General Group Plc 0.13% of their portfolio London, X0 4,525,5004.5m $598.1m $598.1m 0.13% Added +55.5k +55,521
26 Temasek Holdings (Private) Ltd 2.00% of their portfolio SINGAPORE, U0 4,348,2474.3m $574.7m $574.7m 2.00% Added +2.9m +2,896,293
27 Capital International Investors 0.08% of their portfolio Los Angeles, CA 3,891,3193.9m $514.3m $514.3m 0.08% Added +265.4k +265,408
28 NetEase, Inc. 94.22% of their portfolio KOWLOON, HONG KONG, F4 3,555,4883.6m $469.9m $469.9m 94.22% Unchanged
29 DIMENSIONAL FUND ADVISORS LP 0.10% of their portfolio AUSTIN, TX 3,426,8793.4m $452.7m $452.7m 0.10% Added +119.7k +119,738
30 Greenwoods Asset Management Hong Kong Ltd. 9.99% of their portfolio HONG KONG, K3 3,356,9643.4m $443.7m $443.7m 9.99% Added +137.1k +137,125
31 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.63% of their portfolio BALA CYNWYD, PA 3,239,2273.2m $428.1m $428.1m 0.63% Added +2.1m +2,118,467
32 NORTHERN TRUST CORP 0.05% of their portfolio CHICAGO, IL 3,213,3423.2m $424.7m $424.7m 0.05% Added +66.0k +66,001
33 Aspex Management (HK) Ltd 8.96% of their portfolio CENTRAL, K3 3,172,3333.2m $419.3m $419.3m 8.96% New
34 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 2,737,6422.7m $361.8m $361.8m 0.03% Reduced -103.9k -103,939
35 DEUTSCHE BANK AG\ 0.12% of their portfolio FRANKFURT AM MAIN, 2M 2,703,3462.7m $357.3m $357.3m 0.12% Reduced -247.1k -247,068
36 SRS Investment Management, LLC 3.82% of their portfolio New York, NY 2,654,3942.7m $350.8m $350.8m 3.82% Reduced -1.4m -1,409,987
37 Triata Capital Ltd 39.25% of their portfolio HONG KONG, K3 2,544,4782.5m $336.3m $336.3m 39.25% Added +910.1k +910,150
38 Mitsubishi UFJ Trust & Banking Corp 0.73% of their portfolio TOKYO, M0 2,523,2662.5m $333.5m $333.5m 0.73% Added +649.5k +649,524
39 Capital Today Evergreen Fund, L.P. 92.62% of their portfolio Grand Cayman, E9 2,493,5862.5m $329.6m $329.6m 92.62% Unchanged
40 UBS Group AG 0.06% of their portfolio ZURICH, V8 2,465,4442.5m $325.9m $325.9m 0.06% Reduced -1.3m -1,344,348
41 MARSHALL WACE, LLP 0.34% of their portfolio LONDON, X0 2,354,1642.4m $311.1m $311.1m 0.34% Added +952.6k +952,623
42 CITIGROUP INC 0.20% of their portfolio NEW YORK, NY 2,163,3832.2m $285.9m $285.9m 0.20% Added +481.5k +481,451
43 IDG China Venture Capital Fund IV Associates L.P. 55.43% of their portfolio HONG KONG, K3 1,997,9962.0m $264.1m $264.1m 55.43% Reduced -633.0k -632,986
44 Dragoneer Investment Group, LLC 5.36% of their portfolio SAN FRANCISCO, CA 1,835,4281.8m $242.6m $242.6m 5.36% Reduced -1.7m -1,700,180
45 APPALOOSA LP 3.22% of their portfolio Short Hills, NJ 1,800,0001.8m $237.9m $237.9m 3.22% Reduced -200.0k -200,000
46 Nuveen, LLC 0.06% of their portfolio CHARLOTTE, NC 1,750,9031.8m $231.4m $231.4m 0.06% Added +420.3k +420,291
47 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 1,738,4781.7m $229.8m $229.8m 0.04% Reduced -122.1k -122,053
48 Sumitomo Mitsui Trust Group, Inc. 0.13% of their portfolio CHIYODA-KU, TOKYO, M0 1,719,5351.7m $227.3m $227.3m 0.13% Added +74.2k +74,225
49 BARCLAYS PLC 0.08% of their portfolio LONDON, X0 1,685,6991.7m $222.8m $222.8m 0.08% Added +26.3k +26,318
50 Assenagon Asset Management S.A. 0.32% of their portfolio SENNINGERBERG, N4 1,658,0821.7m $219.1m $219.1m 0.32% Reduced -5.7m -5,736,129
51 Robeco Institutional Asset Management B.V. 0.31% of their portfolio ROTTERDAM, P7 1,612,8681.6m $213.2m $213.2m 0.31% Added +380.1k +380,141
52 Swiss National Bank 0.12% of their portfolio ZURICH, V8 1,600,4441.6m $211.5m $211.5m 0.12% Added +26.6k +26,600
53 Point72 Hong Kong Ltd 9.63% of their portfolio HONG KONG, K3 1,577,1731.6m $208.5m $208.5m 9.63% Added +1.1m +1,077,365
54 PRUDENTIAL PLC 1.51% of their portfolio LONDON, X0 1,556,9031.6m $205.8m $205.8m 1.51% Reduced -61.1k -61,150
55 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.12% of their portfolio BOSTON, MA 1,487,7661.5m $196.6m $196.6m 0.12% New
56 SCHRODER INVESTMENT MANAGEMENT GROUP 0.14% of their portfolio London, X0 1,380,0131.4m $182.4m $182.4m 0.14% Reduced -937.9k -937,940
57 Altimeter Capital Management, LP 2.39% of their portfolio MENLO PARK, CA 1,371,6801.4m $181.3m $181.3m 2.39% New
58 CITADEL ADVISORS LLC 0.14% of their portfolio MIAMI, FL 1,344,0581.3m $177.6m $177.6m 0.14% Added +1.0m +1,040,351
59 Perseverance Asset Management International 30.28% of their portfolio GEORGE TOWN, E9 1,333,2351.3m $176.2m $176.2m 30.28% Added +20.6k +20,572
60 MACQUARIE GROUP LTD 0.20% of their portfolio Sydney, NSW 2000, C3 1,267,7201.3m $167.6m $167.6m 0.20% Reduced -17.2k -17,200
61 Pictet Asset Management Holding SA 0.16% of their portfolio CAROUGE, V8 1,263,3441.3m $167.0m $167.0m 0.16% Added +363.1k +363,104
62 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.05% of their portfolio Boston, MA 1,244,5711.2m $164.5m $164.5m 0.05% Reduced -136.7k -136,728
63 Aberdeen Group plc 0.26% of their portfolio EDINBURGH, X0 1,228,1931.2m $161.8m $161.8m 0.26% Reduced -50.5k -50,473
64 California Public Employees Retirement System 0.09% of their portfolio Sacramento, CA 1,194,2291.2m $157.8m $157.8m 0.09% Added +132.8k +132,789
65 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio SAN FRANCISCO, CA 1,193,2051.2m $157.7m $157.7m 0.03% Added +70.4k +70,430
66 ACADIAN ASSET MANAGEMENT LLC 0.25% of their portfolio Boston, MA 1,105,0711.1m $146.0m $146.0m 0.25% Added +884.2k +884,162
67 Green Court Capital Management Ltd 63.76% of their portfolio HONG KONG, K3 1,060,8001.1m $140.2m $140.2m 63.76% Added +315.2k +315,200
68 IvyRock Asset Management (HK) Ltd 58.79% of their portfolio SHEUNG WAN, K3 1,035,2491.0m $136.8m $136.8m 58.79% Reduced -51.6k -51,600
69 ALLIANCEBERNSTEIN L.P. 0.04% of their portfolio NASHVILLE, TN 993,690993.7k $131.3m $131.3m 0.04% Added +945.8k +945,834
70 SUSQUEHANNA ADVISORS GROUP, INC. 3.89% of their portfolio BALA CYNWYD, PA 954,200954.2k $126.1m $126.1m 3.89% Added +104.2k +104,200
71 AMERICAN CENTURY COMPANIES INC 0.06% of their portfolio KANSAS CITY, MO 952,302952.3k $125.9m $125.9m 0.06% Added +198.2k +198,179
72 CANADA LIFE ASSURANCE Co 0.17% of their portfolio WINNIPEG, A2 908,673908.7k $118.7m $118.7m 0.17% Added +35.1k +35,058
73 WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio Boston, MA 894,551894.6k $118.2m $118.2m 0.02% Reduced -25.1k -25,124
74 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 885,792885.8k $117.1m $117.1m 0.02% Reduced -414.7k -414,736
75 Russell Investments Group, Ltd. 0.12% of their portfolio Seattle, WA 825,884825.9k $108.7m $108.7m 0.12% Added +160.1k +160,139
76 Mitsubishi UFJ Asset Management Co., Ltd. 0.08% of their portfolio TOKYO, M0 817,939817.9k $108.1m $108.1m 0.08% Added +61.6k +61,552
77 Evergreen Quality Fund GP, Ltd. 2.36% of their portfolio GRAND CAYMAN, E9 804,054804.1k $106.3m $106.3m 2.36% Added +22.3k +22,254
78 GF FUND MANAGEMENT CO. LTD. 1.90% of their portfolio GUANGZHOU, F4 793,042793.0k $104.8m $104.8m 1.90% Reduced -118.0k -118,044
79 FIRST TRUST ADVISORS LP 0.07% of their portfolio Wheaton, IL 759,737759.7k $100.4m $100.4m 0.07% Reduced -423.4k -423,426
80 WT Asset Management Ltd 4.62% of their portfolio HONG KONG, K3 756,540756.5k $100.0m $100.0m 4.62% Added +751.5k +751,540
81 Cederberg Capital Ltd 28.53% of their portfolio LONDON, X0 755,900755.9k $99.9m $99.9m 28.53% Added +243.9k +243,900
82 ProShare Advisors LLC 0.21% of their portfolio BETHESDA, MD 746,065746.1k $98.6m $98.6m 0.21% Reduced -198.4k -198,418
83 LAZARD ASSET MANAGEMENT LLC 0.13% of their portfolio NEW YORK, NY 717,956718.0k $94.9m $94.9m 0.13% Added +67.8k +67,805
84 ROYAL LONDON ASSET MANAGEMENT LTD 0.20% of their portfolio UNITED KINGDOM, X0 688,372688.4k $91.0m $91.0m 0.20% Added +134.4k +134,400
85 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 681,332681.3k $90.1m $90.1m 0.02% Added +10.7k +10,697
86 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 672,951673.0k $88.9m $88.9m 0.02% Added +38.2k +38,179
87 AVIVA PLC 0.16% of their portfolio LONDON, X0 652,449652.4k $86.2m $86.2m 0.16% Added +33.6k +33,630
88 Pinpoint Asset Management (Singapore) Pte. Ltd. 14.60% of their portfolio SINGAPORE, U0 619,113619.1k $81.8m $81.8m 14.60% Added +4.0k +3,977
89 Point72 Asset Management, L.P. 0.18% of their portfolio STAMFORD, CT 614,101614.1k $81.2m $81.2m 0.18% Added +459.0k +459,036
90 NATIONAL BANK OF CANADA /FI/ 0.09% of their portfolio MONTREAL, A8 605,690605.7k $80.1m $80.1m 0.09% Reduced -1.2m -1,205,447
91 Kora Management LP 8.48% of their portfolio BROOKLYN, NY 604,250604.2k $79.9m $79.9m 8.48% Added +151.0k +151,000
92 Charles-Lim Capital Ltd 20.23% of their portfolio CENTRAL, K3 600,000600.0k $79.3m $79.3m 20.23% New
93 Fisher Asset Management, LLC 0.03% of their portfolio PLANO, TX 575,944575.9k $76.1m $76.1m 0.03% Added +11.8k +11,800
94 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.12% of their portfolio CAUSEWAY BAY, K3 562,415562.4k $74.3m $74.3m 0.12% Reduced -53.7k -53,694
95 Polar Capital Holdings Plc 0.35% of their portfolio London, X0 555,898555.9k $73.5m $73.5m 0.35% Reduced -18.9k -18,922
96 Korea Investment CORP 0.15% of their portfolio SEOUL, M5 545,887545.9k $72.1m $72.1m 0.15% Reduced -9.5k -9,500
97 Allianz Asset Management GmbH 0.09% of their portfolio MUNICH, 2M 542,799542.8k $71.7m $71.7m 0.09% Added +39.3k +39,296
98 BARINGS LLC 1.36% of their portfolio CHARLOTTE, NC 539,000539.0k $71.2m $71.2m 1.36% Added +55.5k +55,513
99 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.13% of their portfolio TORONTO, A6 520,976521.0k $68.9m $68.9m 0.13% Reduced -567.7k -567,739
100 Maple Rock Capital Partners Inc. 2.77% of their portfolio Toronto, A6 518,941518.9k $68.6m $68.6m 2.77% Reduced -243.6k -243,600