PDD SVP Wang Mi Receives 40,000-Option Grant

What Happened
Wang Mi, Senior Vice President of Engineering at PDD Holdings (PDD), was awarded 40,000 derivative securities (options) on July 1, 2026. The grant is reported at $0.00 acquisition price (an awarded grant rather than a cash purchase or sale). The Form 4 shows these are options that, upon exercise and settlement, each convert into one American Depositary Share (ADS).

Key Details

• Transaction date: 2026-07-01; Form 4 filed 2026-07-02 (timely filing).
• Transaction type/code: A — Grant/Award (derivative securities).
• Quantity: 40,000 options reported; acquisition price shown as $0.00 (award).
• Vesting: One-fourth vests on each of July 1, 2030; July 1, 2031; July 1, 2032; and July 1, 2033 (vesting schedule accounts for a three-year lock-up).
• Underlying shares: Each option represents the right to receive one ADS upon exercise/settlement.
• Exercise price / total value: Exercise price not disclosed in this Form 4; no immediate cash or sale reported.
• Shares owned after transaction: Not specified in this filing.
• Filing timeliness: Report appears timely (transaction 7/1/2026, filed 7/2/2026).

Context
This filing documents an equity award (options), not a purchase or sale. Options give the holder the right to buy ADSs in the future if and when vested and exercised; they do not immediately increase outstanding common shares. Such grants are common compensation for executives and do not by themselves indicate buying or selling sentiment.