PDD Holdings Inc. - Depositary Receipt (Common Stock)
US ˙ NasdaqGS ˙ US7223041028

SecurityPDD / PDD Holdings Inc. - Depositary Receipt (Common Stock)
InstitutionAxa S.a.
Latest Disclosed Ownership0 shares
Latest Disclosed Value $ 0
Axa S.a. closes position in PDD / PDD Holdings Inc. - Depositary Receipt (Common Stock)

On November 14, 2025 - Axa S.a. filed a 13F-HR form disclosing ownership of 0 shares of PDD Holdings Inc. - Depositary Receipt (Common Stock) (US:PDD) valued at $0 USD as of September 30, 2025. The current value of the position is $0 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2025-11-14 2025-09-30 13F PDD HOLDINGS SPONSORED ADS 722304102 0 -191,012 -100.00 0 -100.00
2025-08-14 2025-06-30 13F PDD HOLDINGS SPONSORED ADS 722304102 191,012 10,964 6.09 19,991 -6.18 0.0574
2025-05-15 2025-03-31 13F PDD HOLDINGS SPONSORED ADS 722304102 180,048 -85,272 -32.14 21,309 -17.20 0.0700
2025-02-14 2024-12-31 13F PDD HOLDINGS SPONSORED ADS 722304102 265,320 -11,935 -4.30 25,733 -31.15 0.0782
2024-11-14 2024-09-30 13F PDD HOLDINGS SPONSORED ADS 722304102 277,255 23,670 9.33 37,377 10.86 0.1107
2025-02-25 2024-06-30 13F/A-1 PDD HOLDINGS SPONSORED ADS 722304102 253,585 17,672 7.49 33,714 22.94 0.1003
2024-08-14 2024-06-30 13F PDD HOLDINGS SPONSORED ADS 722304102 253,585 17,672 33,714 0.1003
2024-05-15 2024-03-31 13F PDD HOLDINGS SPONSORED ADS 722304102 235,913 52,188 28.41 27,425 2.02 0.0822
2024-07-16 2023-12-31 13F/A-1 PDD HOLDINGS SPONSORED ADS 722304102 183,725 -128,579 -41.17 26,881 -12.23 0.0867
2024-02-14 2023-12-31 13F PDD HOLDINGS SPONSORED ADS 722304102 183,725 -128,579 26,881 0.0867
2023-11-14 2023-09-30 13F PDD HOLDINGS SPONSORED ADS 722304102 312,304 -93,403 -23.02 30,628 9.19 0.1077
2023-08-14 2023-06-30 13F PDD HOLDINGS SPONSORED ADS 722304102 405,707 -79,331 -16.36 28,051 -23.81 0.0932
2023-05-15 2023-03-31 13F PDD HOLDINGS SPONSORED ADS 722304102 485,038 168,486 53.23 36,814 42.61 0.1266
2023-02-14 2022-12-31 13F PINDUODUO SPONSORED ADS 722304102 316,552 36,479 13.02 25,815 47.29 0.0932
2023-02-14 2022-09-30 13F/A-1 Pinduoduo SPONSORED ADS 722304102 280,073 34,627 14.11 17,527 15.55 0.0690
2022-11-14 2022-09-30 13F Pinduoduo SPONSORED ADS 722304102 280,073 34,627 17,527 0.0690
2023-02-14 2022-06-30 13F/A-1 Pinduoduo SPONSORED ADS 722304102 245,446 -13,869 -5.35 15,169 45.83 0.0562
2022-08-15 2022-06-30 13F Pinduoduo SPONSORED ADS 722304102 245,446 -13,869 15,168 0.0562
2023-02-14 2022-03-31 13F/A-1 Pinduoduo SPONSORED ADS 722304102 259,315 -183,616 -41.45 10,401 -59.72 0.0296
2022-05-13 2022-03-31 13F Pinduoduo SPONSORED ADS 722304102 259,315 -183,616 10,401 0.0296
2022-02-14 2021-12-31 13F Pinduoduo SPONSORED ADS 722304102 442,931 2,003 0.45 25,823 -35.41 0.0660
2021-11-15 2021-09-30 13F Pinduoduo SPONSORED ADS 722304102 440,928 -12,500 -2.76 39,979 -30.59 0.1122
2021-08-13 2021-06-30 13F/A-1 Pinduoduo SPONSORED ADS 722304102 453,428 47,267 11.64 57,595 5.92 0.1624
2021-08-13 2021-06-30 13F Pinduoduo SPONSORED ADS 722304102 453,428 47,267 57,595 0.0972
2021-05-14 2021-03-31 13F Pinduoduo SPONSORED ADS 722304102 406,161 663 0.16 54,376 -24.52 0.1656
2021-02-12 2020-12-31 13F Pinduoduo SPONSORED ADS 722304102 405,498 310,960 328.93 72,045 927.75 0.2261
2021-02-11 2020-09-30 13F/A-1 Pinduoduo SPONSORED ADS 722304102 94,538 94,538 7,010 0.0253
2020-11-13 2020-09-30 13F Pinduoduo SPONSORED ADS 722304102 94,538 94,538 7,010 0.0253
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.