PDD Director Kam Leung Exercises RSUs, Receives 1,705 ADS

What Happened

• Kam Anthony Ping Leung, a director of PDD Holdings Inc. (PDD), had restricted stock units (RSUs) vest and be settled into American Depositary Shares (ADSs) on September 1, 2026. The filing shows an exercise/conversion event for 1,705 ADS (acquired) and two dispositions of 1,220 ADS and 485 ADS (both reported with $0 proceeds), plus a grant/award entry for 391 ADS.
• All transactions are reported as derivative-related (RSUs/ADS). ADS counts: 1,705 ADS were involved in the conversion/settlement. Equivalent ordinary shares = ADS × 4 (each ADS = 4 Class A ordinary shares): 1,705 ADS = 6,820 ordinary shares. The two $0 disposals (1,220 ADS = 4,880 ordinary shares; 485 ADS = 1,940 ordinary shares) typically indicate shares were surrendered/withheld rather than sold for cash.

Key Details

• Transaction date: September 1, 2026; Form 4 filed Sept 2, 2026 (appears timely).
• Reported prices: acquired at N/A or $0; two disposals reported at $0 (no cash proceeds).
• Shares owned after transaction: not disclosed in the provided data.
• Relevant footnotes:
  • F1: 1 ADS = 4 Class A ordinary shares.
  • F2: Each RSU represents the right to receive one ADS.
  • F3: These RSUs vested on Sep 1, 2026 and were settled in ADSs same date.
  • F4/F5: Notes on future vesting schedules for portions of the RSU awards (some portions vest in 2027–2030 subject to service).
• Filing accession: 0001104659-26-104422.

Context

• These entries reflect RSU vesting and settlement into ADSs (derivative conversion), not an open-market sale. The $0 disposals are commonly withholding to satisfy tax obligations at vesting (i.e., shares surrendered rather than sold on the market), rather than market sales that signal bearishness.
• For retail investors, vesting/settlement events are routine compensation outcomes; purchases (cash buys) would be a clearer bullish signal than routine vesting.