<SEC-DOCUMENT>0001104659-26-031561.txt : 20260318
<SEC-HEADER>0001104659-26-031561.hdr.sgml : 20260318
<ACCEPTANCE-DATETIME>20260318210220
ACCESSION NUMBER:		0001104659-26-031561
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260318
FILED AS OF DATE:		20260318
DATE AS OF CHANGE:		20260318

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Wang Mi
		CENTRAL INDEX KEY:			0002116869
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38591
		FILM NUMBER:		26771913

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		FIRST FLOOR, 25 ST. STEPHENS GREEN
		CITY:			DUBLIN
		PROVINCE COUNTRY:   	L2
		ZIP:			D02 XF99

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PDD Holdings Inc.
		CENTRAL INDEX KEY:			0001737806
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		FIRST FLOOR, 25 ST STEPHEN'S GREEN
		CITY:			DUBLIN 2
		PROVINCE COUNTRY:   	L2
		BUSINESS PHONE:		353 1 5397938

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		FIRST FLOOR, 25 ST STEPHEN'S GREEN
		CITY:			DUBLIN 2
		PROVINCE COUNTRY:   	L2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Pinduoduo Inc.
		DATE OF NAME CHANGE:	20180709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Walnut Street Group Holding Ltd
		DATE OF NAME CHANGE:	20180628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Pinduoduo Inc.
		DATE OF NAME CHANGE:	20180628
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>tm268945-4_3seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-03-18</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001737806</issuerCik>
        <issuerName>PDD Holdings Inc.</issuerName>
        <issuerTradingSymbol>PDD</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002116869</rptOwnerCik>
            <rptOwnerName>Wang Mi</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>FIRST FLOOR, 25 ST STEPHEN'S GREEN</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DUBLIN 2</rptOwnerCity>
            <rptOwnerNonUSStateTerritory></rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>L2</rptOwnerCountry>
            <rptOwnerZipCode>D02 XF99</rptOwnerZipCode>
            <rptOwnerStateDescription>IRELAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>SVP of Engineering</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>322350</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>18750</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>37500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>18750</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F7"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F7"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F8"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F8"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>40000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F9"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F9"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F10"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F10"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F11"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F11"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ADSs</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>100000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="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.</footnote>
        <footnote id="F2">Each American depositary share (&quot;ADS&quot;) of the Issuer represents four (4) Class A ordinary shares.</footnote>
        <footnote id="F3">Each option represents the right to receive, at settlement after exercise, one American Depositary Share (&quot;ADS&quot;) of the Issuer, and has an exercise price of US$0.026.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Wang Mi</signatureName>
        <signatureDate>2026-03-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
