Zhao Jiazhen 4

What Happened
Zhao Jiazhen, CEO of PDD Holdings Inc. (PDD), was granted 50,000 derivative awards (reported at $0.00) on July 1, 2026. This filing reports a grant/award (transaction code A) — no shares were sold or bought on the open market. The awards are options that, upon exercise and settlement, each convert into one American Depositary Share (ADS).

Key Details

• Transaction date: July 1, 2026; filing date: July 2, 2026 (timely).
• Award amount: 50,000 options; reported price: $0.00 (no cash paid on grant).
• Vesting: 25% of the options vest on each of July 1, 2030; July 1, 2031; July 1, 2032; and July 1, 2033 — vesting schedule reflects a three‑year lock-up. (Footnote F1)
• Settlement: Each option represents the right to receive one ADS upon exercise/settlement. (Footnote F2)
• Shares owned after transaction: not specified in the filing.
• Filing status: Not indicated as late; filed the business day after the transaction.

Context
This is a compensation-related grant of derivative awards to the CEO, not an open-market purchase or sale. Such grants are common for executive compensation and do not mean shares were immediately added to Zhao’s tradable holdings — the awards must vest and be exercised to convert to ADSs. For retail investors, purchases or open-market insider buys often carry clearer short-term sentiment signals than routine compensation grants.