<SEC-DOCUMENT>0001104659-26-031556.txt : 20260318
<SEC-HEADER>0001104659-26-031556.hdr.sgml : 20260318
<ACCEPTANCE-DATETIME>20260318210100
ACCESSION NUMBER:		0001104659-26-031556
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:			Chen Lei (LC)
		CENTRAL INDEX KEY:			0002121050
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38591
		FILM NUMBER:		26771908

	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>tm268945-3_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>0002121050</rptOwnerCik>
            <rptOwnerName>Chen Lei (LC)</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>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Co-Chief Executive Office</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>330000</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>250000</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>13000000</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 date for 80,000 options is August 31, 2036 and the expiration date for the remaining 250,000 options is August 31, 2040.</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">Half of these options will become exercisable on September 1, 2026 and the remaining will become exercisable on September 1, 2027. The expiration date for these options is August 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="F5">One-fourth of these options will become exercisable on each of the following dates: November 1, 2027, November 1, 2028, November 1, 2029, and November 1, 2030. The expiration date for these options is October 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>
    </footnotes>

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