YOUDAO INC DAO
SPONSORED ADS · ADR
· CUSIP 98741T104 · ISIN US98741T1043
Industry Services-Educational Services
Filings SEC EDGAR
33
institutional holders
+0 vs Q1 2026
11,366,609 11.4m
shares reported held*
$139.8m reported value*
5 new
7 added
11 reduced
4 sold out
net sold ≈ $3.9m (-318.6k 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.
Holder counts are more reliable.
Implied quarter-end price ≈ $12.30.
Options: 1 managers hold calls
($12.3k notional), 1 hold puts ($12.3k).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
0 20 40 60 Q3 22: 28 Q4 22: 41 Q1 23: 45 Q2 23: 43 Q3 23: 35 Q4 23: 36 Q1 24: 34 Q2 24: 36 Q3 24: 30 Q4 24: 31 Q1 25: 31 Q2 25: 31 Q3 25: 34 Q4 25: 31 Q1 26: 33 Q2 26: 33 33 Q3 22 Q3 23 Q3 24 Q3 25 Q2 26
Numbers
Quarter Holders
Q3 2022 28 Q4 2022 41 Q1 2023 45 Q2 2023 43 Q3 2023 35 Q4 2023 36 Q1 2024 34 Q2 2024 36 Q3 2024 30 Q4 2024 31 Q1 2025 31 Q2 2025 31 Q3 2025 34 Q4 2025 31 Q1 2026 33 Q2 2026 33
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Bought or added Cut or sold out
40 0 40 Q3 24: 7 bought or added Q3 24: 24 cut or sold out Q4 24: 14 bought or added Q4 24: 15 cut or sold out Q4 24 Q1 25: 20 bought or added Q1 25: 13 cut or sold out Q2 25: 15 bought or added Q2 25: 14 cut or sold out Q2 25 Q3 25: 14 bought or added Q3 25: 16 cut or sold out Q4 25: 10 bought or added Q4 25: 20 cut or sold out Q4 25 Q1 26: 15 bought or added Q1 26: 16 cut or sold out Q2 26: 12 bought or added Q2 26: 15 cut or sold out Q2 26
Numbers
Quarter Bought or added Cut or sold out
Q3 2024 7 24 Q4 2024 14 15 Q1 2025 20 13 Q2 2025 15 14 Q3 2025 14 16 Q4 2025 10 20 Q1 2026 15 16 Q2 2026 12 15
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Calls Puts
$0 $100k $200k $300k Q3 25 calls: $2.0k Q3 25 puts: $230.6k Q3 25 P/C 116.00 Q4 25 calls: $0 Q4 25 puts: $87.7k Q4 25 P/C — Q1 26 calls: $9.8k Q1 26 puts: $59.0k Q1 26 P/C 6.00 Q2 26 calls: $12.3k Q2 26 puts: $12.3k Q2 26 P/C 1.00
Numbers
Quarter Calls Puts P/C
Q3 2025 $2.0k $230.6k 116.00 Q4 2025 $0 $87.7k — Q1 2026 $9.8k $59.0k 6.00 Q2 2026 $12.3k $12.3k 1.00
Biggest sellers
Orbis Allan Gray Ltd
Reduced
-175,227 -175.2k
ACADIAN ASSET MANAGEMENT LLC
Reduced
-68,170 -68.2k
MARSHALL WACE, LLP
Sold out
-46,335 -46.3k
MORGAN STANLEY
Reduced
-15,291 -15.3k
Connor, Clark & Lunn Investment Management Ltd.
Reduced
-14,809 -14.8k
Qube Research & Technologies Ltd
Reduced
-14,035 -14.0k
Vident Advisory, LLC
Sold out
-10,069 -10.1k
GSA CAPITAL PARTNERS LLP
Reduced
-5,976 -6.0k
RENAISSANCE TECHNOLOGIES LLC
Reduced
-4,900 -4.9k
Invesco Ltd.
Reduced
-3,301 -3.3k
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.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D
if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the
stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder
worked them out.
Insider purchases and sales since 1 Apr 2026
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.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Buying Selling
4 0 4 Q4 24: 0 buying Q4 24: 0 selling Q1 25: 0 buying Q1 25: 0 selling Q1 25 Q2 25: 0 buying Q2 25: 0 selling Q3 25: 0 buying Q3 25: 0 selling Q3 25 Q4 25: 0 buying Q4 25: 0 selling Q1 26: 0 buying Q1 26: 0 selling Q1 26 Q2 26: 0 buying Q2 26: 2 selling Q3 26: 0 buying Q3 26: 4 selling Q3 26
Numbers
Quarter Buying Bought Selling Sold Sold under a plan
Q4 2024 0 — 0 — — Q1 2025 0 — 0 — — Q2 2025 0 — 0 — — Q3 2025 0 — 0 — — Q4 2025 0 — 0 — — Q1 2026 0 — 0 — — Q2 2026 0 — 2 — — Q3 2026 0 — 4 — —
Date Insider Trade Shares Price
Value Their holding
2026-09-09
Jin Lei
president
Sold
70,047
—
—70.0k shares
-33%
2026-09-09
Wu Yinghui
Senior Vice President
Sold
6,750
—
—6.8k shares
-36%
2026-09-09
Peng Su
Senior Vice President
Sold
6,750
—
—6.8k shares
-36%
2026-09-01
Shum Heung Yeung
Director
Sold
4,012
—
—4.0k shares
-6%
2026-08-31
Shum Heung Yeung
Director
Sold
17,186
—
—17.2k shares
-22%
2026-06-30
Li Yongwei
Vice President
Sold
2,300
—
—2.3k shares
-40%
2026-06-29
Li Yongwei
Vice President
Sold
4,000
—
—4.0k shares
-54%
2026-05-28
Lai Jimmy Y.
Director
Sold
3,997
—
—4.0k shares
-7%
Their holding: how much the trade added to or took from the insider's holding (direct, or the
trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the
director who represents it; totals count it once. A value is left blank where the reported price is far from
the market price (usually a typo).
Holders, Q2 2026
# Manager Location Shares
Value % of their portfolio Change Shares change
1
Orbis Allan Gray Ltd
0.28% of their portfolio
HamiltoN, D0
6,563,497 6.6m
$80.7m
$80.7m
0.28%
Reduced
-175.2k
-175,227
2
NetEase, Inc.
4.66% of their portfolio
KOWLOON, HONG KONG, F4
2,898,293 2.9m
$35.6m
$35.6m
4.66%
Unchanged
3
VANGUARD CAPITAL MANAGEMENT LLC
0.00% of their portfolio
MALVERN, PA
840,158 840.2k
$10.3m
$10.3m
0.00%
Added
+7.7k
+7,728
4
ACADIAN ASSET MANAGEMENT LLC
0.00% of their portfolio
Boston, MA
227,454 227.5k
$2.8m
$2.8m
0.00%
Reduced
-68.2k
-68,170
5
VANGUARD FIDUCIARY TRUST CO
0.00% of their portfolio
MALVERN, PA
211,666 211.7k
$2.6m
$2.6m
0.00%
Unchanged
6
Connor, Clark & Lunn Investment Management Ltd.
0.00% of their portfolio
VANCOUVER, A1
211,199 211.2k
$2.6m
$2.6m
0.00%
Reduced
-14.8k
-14,809
7
UBS Group AG
0.00% of their portfolio
ZURICH, V8
65,644 65.6k
$807.4k
$807.4k
0.00%
Added
+10.7k
+10,710
8
GSA CAPITAL PARTNERS LLP
0.05% of their portfolio
LONDON, X0
62,966 63.0k
$774.0k
$774.0k
0.05%
Reduced
-6.0k
-5,976
9
CITADEL ADVISORS LLC
0.00% of their portfolio
MIAMI, FL
59,247 59.2k
$728.7k
$728.7k
0.00%
Added
+8.6k
+8,608
10
RENAISSANCE TECHNOLOGIES LLC
0.00% of their portfolio
NEW YORK, NY
58,600 58.6k
$720.8k
$720.8k
0.00%
Reduced
-4.9k
-4,900
11
Qube Research & Technologies Ltd
0.00% of their portfolio
LONDON, X0
46,477 46.5k
$571.7k
$571.7k
0.00%
Reduced
-14.0k
-14,035
12
California Public Employees Retirement System
0.00% of their portfolio
Sacramento, CA
36,047 36.0k
$443.4k
$443.4k
0.00%
Reduced
-940
-940
13
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO
0.00% of their portfolio
COLUMBUS, OH
28,104 28.1k
$345.7k
$345.7k
0.00%
Reduced
-237
-237
14
Invesco Ltd.
0.00% of their portfolio
ATLANTA, GA
23,744 23.7k
$292.1k
$292.1k
0.00%
Reduced
-3.3k
-3,301
15
Savant Capital, LLC
0.00% of their portfolio
ROCKFORD, IL
13,572 13.6k
$150.4k
$150.4k
0.00%
New
16
MORGAN STANLEY
0.00% of their portfolio
NEW YORK, NY
6,883 6.9k
$84.7k
$84.7k
0.00%
Reduced
-15.3k
-15,291
17
VANGUARD ASSET MANAGEMENT, Ltd
0.00% of their portfolio
London, EC4N 8AF, X0
3,843 3.8k
$47.3k
$47.3k
0.00%
Unchanged
18
Tower Research Capital LLC (TRC)
0.00% of their portfolio
NEW YORK, NY
2,957 3.0k
$36.4k
$36.4k
0.00%
Added
+2.1k
+2,089
19
Compagnie Lombard Odier SCmA
0.00% of their portfolio
1204 GENEVA, V8
2,000 2.0k
$24.6k
$24.6k
0.00%
Unchanged
20
RHUMBLINE ADVISERS
0.00% of their portfolio
BOSTON, MA
1,219 1.2k
$15.0k
$15.0k
0.00%
Unchanged
21
GROUP ONE TRADING LLC
0.00% of their portfolio
CHICAGO, IL
986 986
$12.1k
$12.1k
0.00%
Reduced
-2.2k
-2,176
22
Rockefeller Capital Management L.P.
0.00% of their portfolio
NEW YORK, NY
809 809
$10.0k
$10.0k
0.00%
New
23
Smartleaf Asset Management LLC
0.00% of their portfolio
BOSTON, MA
509 509
$6.1k
$6.1k
0.00%
Unchanged
24
ROYAL BANK OF CANADA
0.00% of their portfolio
TORONTO, A6
230 230
$3.0k
$3.0k
0.00%
Added
+30
+30
25
Quarry LP
0.00% of their portfolio
NEW YORK, NY
215 215
$2.6k
$2.6k
0.00%
New
26
NISA INVESTMENT ADVISORS, LLC
0.00% of their portfolio
ST. LOUIS, MO
73 73
$898
$898
0.00%
Added
+1
+1
27
CoreCap Advisors, LLC
0.00% of their portfolio
SOUTHFIELD, MI
61 61
$750
$750
0.00%
Unchanged
28
HARBOUR INVESTMENTS, INC.
0.00% of their portfolio
MADISON, WI
50 50
$615
$615
0.00%
Unchanged
29
OSAIC HOLDINGS, INC.
0.00% of their portfolio
SCOTTSDALE, AZ
43 43
$529
$529
0.00%
Added
+24
+24
30
Stone House Investment Management, LLC
0.00% of their portfolio
TUNKHANNOCK, PA
42 42
$517
$517
0.00%
Unchanged
31
WELLS FARGO & COMPANY/MN
0.00% of their portfolio
SAN FRANCISCO, CA
10 10
$123
$123
0.00%
New
32
Ameritas Advisory Services, LLC
0.00% of their portfolio
Lincoln, NE
7 7
$86
$86
0.00%
Unchanged
33
Integrated Wealth Concepts LLC
0.00% of their portfolio
WALTHAM, MA
4 4
$49
$49
0.00%
New