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NASDAQ · Consumer Discretionary

PDD HOLDINGS INC PDD

PDD Holdings operates Pinduoduo and Temu. The thesis is value-focused commerce, supply-chain efficiency, and cross-border growth, with special attention to disclosure quality and competitive intensity.

Sources PDD investor relations investor.pddholdings.com
China E-Commerce

Company profile

Business mix

  • Pinduoduo: China e-commerce platform built on price competitiveness and merchant supply.
  • Temu: cross-border e-commerce platform with fast growth but high investment, fulfillment, and regulatory uncertainty.
  • Advertising, marketing services, and transaction-related revenue drive monetization.

Current key questions

  • Can Temu's international growth turn into sustainable profit rather than long-term subsidies?
  • How do China e-commerce competition, consumption, and merchant health affect monetization?
  • Given limited disclosure, how can margin and cash-flow quality be verified?
Holders 6 Current sample portfolio
Public mentions 2 Videos / interviews / letters
Valuation snapshot
PE 9.09 FCF 13.01% Buyback -0.06%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Baillie Gifford legacy James Anderson 3.0% $2.9B 2026-03-31
H&H International Investment Duan Yongping 10.1% $2.0B 2026-03-31
Greenwoods / Jinglin George Jiang 13.4% $521.5M 2026-03-31
Himalaya Capital Li Lu 14.7% $470.8M 2026-03-31
HHLR Advisors / Hillhouse Lei Zhang 25.4% $425.6M 2026-03-31
Appaloosa David Tepper 1.5% $92.0M 2026-03-31

Recent trading changes over the last 4 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 3 Last 4 13F filing periods
Net reducers 4 Last 4 13F filing periods
Unchanged holders 4 Share count unchanged
Increase amount $1.7B Estimated from net added shares
Reduction amount $2.3B Estimated from net reduced shares
Net share change / base shares -7.4% -5,055,119 / 67,933,345
H&H International Investment Duan Yongping 4 filing periods
13F 2025-06-30 Filed 2025-08-14
Minor increase Shares 11.7% 13F value change -$11.0M
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -1.0% 13F value change +$226.6M
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 34.6% 13F value change +$174.9M
13F 2026-03-31 Filed 2026-05-19
Major increase Shares 71.2% 13F value change +$709.7M
Settlement As of 13F 2026-03-31 · Filed 2026-05-19
Base shares 7,753,900 Last 4 periods +11,994,394 (+154.7%) Total shares 19,748,294 Value $2.0B
Himalaya Capital Li Lu 4 filing periods
13F 2025-06-30 Filed 2025-08-14
New Shares - 13F value change +$482.3M
13F 2025-09-30 Filed 2025-11-12
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-17
Unchanged Shares 0.0% 13F value change $0
13F 2026-03-31 Filed 2026-05-15
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 4 periods +4,608,000 (New) Total shares 4,608,000 Value $470.8M
Appaloosa David Tepper 4 filing periods
13F 2025-06-30 Filed 2025-08-14
Major reduction Shares -54.2% 13F value change -$307.9M
13F 2025-09-30 Filed 2025-11-13
Minor reduction Shares -10.0% 13F value change +$28.6M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -1.4% 13F value change -$36.6M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -49.3% 13F value change -$109.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 4,370,000 Last 4 periods -3,470,000 (-79.4%) Total shares 900,000 Value $92.0M
HHLR Advisors / Hillhouse Lei Zhang 4 filing periods
13F 2025-06-30 Filed 2025-08-14
Minor increase Shares 6.3% 13F value change -$46.5M
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 23.2% 13F value change +$405.5M
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 24.8% 13F value change +$80.0M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -61.2% 13F value change -$790.1M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 6,562,576 Last 4 periods -2,397,547 (-36.5%) Total shares 4,165,029 Value $425.6M
Dragoneer Investment Group Marc Stad 4 filing periods
13F 2025-06-30 Filed 2025-08-14
Major reduction Shares -22.5% 13F value change -$170.1M
13F 2025-09-30 Filed 2025-11-14
Major reduction Shares -48.1% 13F value change -$127.4M
13F 2025-12-31 Filed 2026-02-17
Unchanged Shares 0.0% 13F value change $0
13F 2026-03-31 Filed 2026-05-15
Sold out Shares -100.0% 13F value change -$208.1M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 4,564,072 Last 4 periods -4,564,072 (-100.0%) Total shares 0 Value $0
Greenwoods / Jinglin George Jiang 4 filing periods
13F 2025-06-30 Filed 2025-08-08
Major reduction Shares -30.5% 13F value change -$211.6M
13F 2025-09-30 Filed 2025-11-10
Minor increase Shares 4.3% 13F value change +$106.7M
13F 2025-12-31 Filed 2026-02-06
Major increase Shares 18.2% 13F value change +$6.3M
13F 2026-03-31 Filed 2026-05-08
Major increase Shares 28.6% 13F value change +$71.5M
Settlement As of 13F 2026-03-31 · Filed 2026-05-08
Base shares 4,635,519 Last 4 periods +468,285 (+10.1%) Total shares 5,103,804 Value $521.5M
Baillie Gifford legacy James Anderson 4 filing periods
13F 2025-06-30 Filed 2025-08-06
Minor reduction Shares -14.2% 13F value change -$1.1B
13F 2025-09-30 Filed 2025-10-31
Minor reduction Shares -7.5% 13F value change +$605.4M
13F 2025-12-31 Filed 2026-01-23
Minor reduction Shares -2.4% 13F value change -$684.1M
13F 2026-03-31 Filed 2026-05-08
Minor reduction Shares -8.6% 13F value change -$621.6M
Settlement As of 13F 2026-03-31 · Filed 2026-05-08
Base shares 40,047,278 Last 4 periods -11,694,179 (-29.2%) Total shares 28,353,099 Value $2.9B
Altimeter Capital Management Brad Gerstner 2 filing periods
13F 2025-09-30 Filed 2025-11-14
New Shares - 13F value change +$181.3M
13F 2025-12-31 Filed 2026-02-17
Sold out Shares -100.0% 13F value change -$181.3M
Settlement As of 13F 2025-12-31 · Filed 2026-02-17
Base shares 0 Last 4 periods +0 (New) Total shares 0 Value $0
Tiger Global Management Chase Coleman 2 filing periods
13F 2025-03-31 Filed 2025-05-15
New Shares - 13F value change +$522.6M
13F 2025-06-30 Filed 2025-08-14
Sold out Shares -100.0% 13F value change -$522.6M
Settlement As of 13F 2025-06-30 · Filed 2025-08-14
Base shares 0 Last 4 periods +0 (New) Total shares 0 Value $0
Whale Rock Capital Management Alex Sacerdote 2 filing periods
13F 2025-03-31 Filed 2025-05-15
New Shares - 13F value change +$23.6M
13F 2025-06-30 Filed 2025-08-14
Sold out Shares -100.0% 13F value change -$23.6M
Settlement As of 13F 2025-06-30 · Filed 2025-08-14
Base shares 0 Last 4 periods +0 (New) Total shares 0 Value $0
Bridgewater Associates Ray Dalio 2 filing periods
13F 2025-03-31 Filed 2025-05-14
New Shares - 13F value change +$206.3M
13F 2025-06-30 Filed 2025-08-13
Sold out Shares -100.0% 13F value change -$206.3M
Settlement As of 13F 2025-06-30 · Filed 2025-08-13
Base shares 0 Last 4 periods +0 (New) Total shares 0 Value $0

Recent mentions

David Tepper CNBC Interview on Markets and China

Appaloosa · David Tepper

Tepper discusses China stimulus, market liquidity, interest rates and risk asset allocation in CNBC interview. The interview views can be compared with the changes in 13F positions, but they cannot be directly equated to the next quarter's buying and selling.

Interview

Jiang Jinzhi: Investment is a long-distance race

Greenwoods / Jinglin · George Jiang

Sina Finance’s public report on Jinglin Asset Jiang Jinzhi introduces his long-term investment framework, reverse thinking and focus on high-quality Chinese enterprises. It is a more usable character entry in Chinese public information.

Interview

Mentioned by firms

Appaloosa David Tepper Greenwoods / Jinglin George Jiang