PDD Holdings

PDD • NASDAQ

PDD Holdings is a publicly traded company on NASDAQ. As of Q3 2025, 497 institutional investors hold shares in this company, with total holdings valued at $51.3B. BlackRock, Inc. is the largest holder with a position valued at $4.7B.

Employees17.4K

Websitepddholdings.com

Overview

Overview of institutional ownership in PDD as of Q3 2025

All Institutions

Institutions: 497
Value Held: $51.3B
Shares Held: 388.6M
Avg Position: $103.2M
Median Position: $3.2M

Hedge Funds

Hedge Funds: 62
Value Held: $4.1B
Shares Held: 31.1M
Avg Position: $66.4M
Median Position: $12.6M

Biggest Investors

Institutions with the largest positions in PDD as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$4.7B 0.08% of portfolio	0.00% 35.8M shares	Q4 2022 Held for 2y 11m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$4.3B 0.06% of portfolio	0.00% 32.4M shares	Q4 2022 Held for 2y 11m	$6.69T
B BAILLIE GIFFORD & CO Institution	-	$4.2B 3.12% of portfolio	0.00% 31.8M shares	Q4 2022 Held for 2y 11m	$134.80B
FMR LLC Institution	-	$2.3B 0.12% of portfolio	0.00% 17.3M shares	Q4 2022 Held for 2y 11m	$1.92T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$1.6B 0.06% of portfolio	0.00% 12.1M shares	Q4 2022 Held for 2y 11m	$2.88T
S SC CHINA HOLDING Ltd Institution	-	$1.5B 79.85% of portfolio	0.00% 11.3M shares	Q4 2022 Held for 2y 11m	$1.9B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$1.3B 0.19% of portfolio	0.00% 10.1M shares	Q1 2024 Held for 1y 8m	$691.34B
S SC US , LTD. Institution	-	$1.2B 7.26% of portfolio	0.00% 8.8M shares	Q4 2022 Held for 2y 11m	$16.1B
H Hillhouse Capital Advisors, Ltd. Institution	-	$1.1B 30.38% of portfolio	0.00% 8.6M shares	Q4 2022 Held for 2y 11m	$3.7B
H H&H International Investment, LLC Hedge Fund•Long/Short	Yong Duan Owner	$1.1B 7.72% of portfolio	0.00% 8.6M shares	Q3 2023 Held for 2y 2m	$14.7B

Net Capital Flow

Institutional buying and selling activity for PDD in Q3 2025

Traded: +$1.6B
Buyers: 278
Sellers: 208
Total Bought: +$6.7B
Total Sold: −$5.1B
Avg Position: $92.3M

Biggest Buyers

Institution	Net Bought	Current Position
H HSBC HOLDINGS PLC Institution	+$542.6M +4.1M shares	$1.1B 8.4M shares
F FIL Ltd Institution	+$482.9M +3.7M shares	$953.3M 7.2M shares
J JANE STREET GROUP, LLC Institution	+$387.9M +2.9M shares	$618.0M 4.7M shares
T TEMASEK HOLDINGS LTD Institution	+$382.8M +2.9M shares	$574.7M 4.3M shares
B BlackRock, Inc. Institution	+$336.3M +2.5M shares	$4.7B 35.8M shares
FMR LLC Institution	+$315.4M +2.4M shares	$2.3B 17.3M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$280.0M +2.1M shares	$428.1M 3.2M shares
BARCLAYS PLC Institution	+$222.8M +26.3K shares	$222.8M 1.7M shares
H Hillhouse Capital Advisors, Ltd. Institution	+$213.6M +1.6M shares	$1.1B 8.6M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$196.6M +1.5M shares	$196.6M 1.5M shares

Biggest Sellers

Institution	Net Sold	Current Position
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$967.0M −9.2M shares	Sold Off 0 shares
A Assenagon Asset Management S.A. Institution	−$758.1M −5.7M shares	$219.1M 1.7M shares
B BAILLIE GIFFORD & CO Institution	−$340.2M −2.6M shares	$4.2B 31.8M shares
S SC CHINA HOLDING Ltd Institution	−$293.8M −2.2M shares	$1.5B 11.3M shares
S SC US , LTD. Institution	−$231.4M −1.8M shares	$1.2B 8.8M shares
Dragoneer Investment Group, LLC Hedge Fund•Long/Short	−$224.7M −1.7M shares	$242.6M 1.8M shares
SRS Investment Management, LLC Hedge Fund•Long/Short	−$186.4M −1.4M shares	$350.8M 2.7M shares
UBS Group AG Institution	−$177.7M −1.3M shares	$325.9M 2.5M shares
N NATIONAL BANK OF CANADA /FI/ Institution	−$159.3M −1.2M shares	$80.1M 605.7K shares
K KEYWISE CAPITAL MANAGEMENT Ltd Hedge Fund•Long/Short	−$146.1M −1.1M shares	$29.1M 219.9K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PDD in Q3 2025

New Positions: 39
New Value: $502.6M
Exited Positions: 59
Exited Value: $1.3B

New Positions

Institution	Position Value
BARCLAYS PLC Institution	$222.8M 1.7M shares
SUSQUEHANNA ADVISORS GROUP, INC. Private Equity	$126.1M 954.2K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$94.9M 718.0K shares
H Headwater Capital Co Ltd Institution	$19.8M 150.0K shares
N NEW YORK STATE COMMON RETIREMENT FUND Institution	$11.1M 83.6K shares
N Nearwater Capital Markets, Ltd Institution	$11.0M 83.1K shares
P Persistent Asset Partners Ltd Institution	$2.9M 21.9K shares
CLOUGH CAPITAL PARTNERS L P Hedge Fund•Long/Short	$2.4M 18.2K shares
Texas Yale Capital Corp. RIA/Wealth	$2.0M 15.4K shares
J Johns Hopkins University Institution	$1.9M 14.1K shares

Exited Positions

Institution	Previous Position
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$967.0M 9.2M shares
IMC-Chicago, LLC RIA/Wealth	$113.6M 1.1M shares
Walleye Trading LLC RIA/Wealth	$108.2M 1.0M shares
Think Investments LP Hedge Fund•Long/Short	$26.8M 256.2K shares
A AXA Institution	$20.0M 191.0K shares
O OLD MISSION CAPITAL LLC Institution	$18.2M 173.6K shares
P PUBLIC INVESTMENT FUND Institution	$17.0M 162.2K shares
PRINCIPAL FINANCIAL GROUP INC Institution	$11.3M 107.9K shares
Twenty Acre Capital LP Hedge Fund•Sector	$8.5M 81.2K shares
S SYLEBRA CAPITAL LLC Hedge Fund•Long/Short	$6.8M 65.0K shares

Options Activity

Institutions with the largest Call and Put options positions in PDD as of Q3 2025

Call Positions: 45
Call Value: $8.6B
Put Positions: 44
Put Value: $8.5B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.3B 175.6K contracts
J JANE STREET GROUP, LLC Institution	$1.6B 122.8K contracts
B Brevan Howard Capital Management LP Institution	$1.4B 6.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$771.8M 58.4K contracts
UBS Group AG Institution	$346.9M 26.2K contracts
P PEAK6 LLC Institution	$316.5M 23.9K contracts
Walleye Trading LLC RIA/Wealth	$313.9M 23.8K contracts
D D. E. Shaw & Co., Inc. Institution	$294.4M 22.3K contracts
GOLDMAN SACHS GROUP INC Institution	$242.8M 18.4K contracts
L LMR Partners LLP Institution	$129.3M 9.8K contracts

Put Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$1.5B 115.7K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.3B 101.8K contracts
B Brevan Howard Capital Management LP Institution	$883.1M 4.2K contracts
Walleye Trading LLC RIA/Wealth	$574.6M 43.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$537.9M 40.7K contracts
H HSBC HOLDINGS PLC Institution	$512.9M 39.1K contracts
D D. E. Shaw & Co., Inc. Institution	$445.1M 33.7K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$351.7M 26.6K contracts
UBS Group AG Institution	$336.3M 25.4K contracts
GOLDMAN SACHS GROUP INC Institution	$335.8M 25.4K contracts

Most Committed Institutions

Institutions with PDD as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
I IDG China Venture Capital Fund IV Associates L.P. Institution	-	98.71% $264.1M	0.00% 2.0M shares	Q3 2024 Held for 1y 2m	$267.5M
N NetEase, Inc. Institution	-	94.22% $469.9M	0.00% 3.6M shares	Q2 2025 Held for 5 months	$498.7M
C Capital Today Evergreen Fund, L.P. Institution	-	92.62% $329.6M	0.00% 2.5M shares	Q3 2023 Held for 2y 2m	$355.8M
S SC CHINA HOLDING Ltd Institution	-	79.85% $1.5B	0.00% 11.3M shares	Q4 2022 Held for 2y 11m	$1.9B
Green Court Capital Management Ltd Hedge Fund•Long/Short	Yulin (Nmn) Yao Director	63.76% $140.2M	0.00% 1.1M shares	Q2 2025 Held for 5 months	$219.9M
I IvyRock Asset Management Ltd Hedge Fund•Multi-Strategy	Yong Huang CIO	62.16% $136.8M	0.00% 1.0M shares	Q4 2022 Held for 2y 11m	$220.1M
A AnglePoint Asset Management Ltd RIA/Wealth	William Michael May Owner	40.46% $38.9M	0.00% 294.6K shares	Q1 2023 Held for 2y 8m	$96.3M
Triata Capital Ltd Private Equity	Blake Ransom Battaglia Managing Partner	39.25% $336.3M	0.00% 2.5M shares	Q4 2024 Held for 11 months	$856.8M
F First Beijing Investment Ltd Institution	-	31.48% $815.3M	0.00% 6.2M shares	Q2 2023 Held for 2y 5m	$2.6B
H Hillhouse Capital Advisors, Ltd. Institution	-	30.38% $1.1B	0.00% 8.6M shares	Q4 2022 Held for 2y 11m	$3.7B

Hedge Fund Spotlight

Discover hedge funds investing in PDD

PANAGORA ASSET MANAGEMENT INC

Hedge Fund • Quant

Portfolio ManagerBryan David Belton

Portfolio Value: $24.8B
Positions: 1,146
Last Reported: Q3 2025

Sector Allocation

Position in PDD Holdings

Market Value: $27.2M
Shares Held: 206.0K
Portfolio Weight: 0.11%
Owned Since: 2022-Q4

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$1.9B	7.75%
2 Apple AAPL	Consumer Electronics Technology	$1.4B	5.65%
3 Microsoft MSFT	Software - Infrastructure Technology	$1.4B	5.45%