---
endpoint: analytics
pattern: Internet
status: done
latency_ms: 127456
conversation_id: f394f3ee-9488-40ee-8891-93cd1fff84a7
citations: 3
created: 2026-05-31 18:11:32Z
---

# Who are the key shareholders of PDD?

## Key Shareholders of PDD Holdings (PDD)

PDD Holdings has a concentrated ownership structure with founder-affiliated entities, Tencent, and venture-stage investors as the principal shareholders. Both the company's most recent 20-F (FY 2025, filed 2026) and CLSA's May 2025 PDD coverage note confirm the same core holder set.

### Principal Shareholders (Beneficial Ownership)

| Shareholder | Stake | Notes |
|---|---|---|
| **Entities affiliated with Zheng Huang (Colin Huang)** | **~44.6%** | Founder; holds via Quantum Dot Limited → Qubit Partners L.P. (Cayman LP). Mr. Zheng Huang is the sole director of Qubit GP Limited and Quantum Dot Limited [1][3] |
| **Entities affiliated with Tencent Holdings** | **~16.9%** | Principal shareholder since February 2017; investing vehicles include Tencent Mobility Limited, TPP Follow-on I Holding G Limited, Chinese Rose Investment Limited, and Distribution Pool Limited [1][2][3] |
| **Entities affiliated with PDD Partnership** | Material | Quantum Dot Limited (370,772,220 Class A shares), an entity separately disclosed in the 20-F as affiliated with PDD Partnership [3] |
| **Banyan Partners Funds** | Material | Banyan Partners Fund II / III / III-A (Cayman LPs); general partners Banyan Partners II Ltd. and Banyan Partners III Ltd. (Zhen Zhang, Bin Yue, Xiang Gao as shareholders of the GPs) [4] |
| **Sequoia Funds** | Material | Listed as a principal shareholder in the 20-F filings [4] |

Percentages for Zheng Huang and Tencent are CLSA's published estimates as of 27 May 2025 [1]. The 20-F's beneficial-ownership table is the source of record for the holder identities and the affiliated-entity structure [2][3].

### Free Float & ADR Structure
- **Free float (est.):** ~22.9% [1]
- **Foreign shareholding:** ~45.0% [1]
- **ADS record holder:** Deutsche Bank Trust Company Americas (depositary for PDD's ADS program) held ~54.8% of total outstanding Class A ordinary shares as of March 18, 2026 — this represents the ADR pool, not a beneficial owner [2]
- **Shares in issue:** 1,392.0m (CLSA, May 2025) [1]; underlying Class A ordinary shares total ~5.7bn as of the 2026 20-F disclosure [2]

### Share-Class Structure
PDD has a dual-class structure: Class A ordinary shares carry one vote per share; Class B ordinary shares carry ten votes per share, voting together as a single class — which amplifies founder/insider voting power well beyond the economic stake [4].

### Strategic Context
Tencent's holding is reinforced by a long-standing **Strategic Cooperation Framework Agreement** (originally Feb 2018, renewed 2023) under which Tencent provides Weixin Pay access points and other technical/administrative support on the Pinduoduo platform — making Tencent both a financial and a strategic stakeholder [2].

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**Sources**
[1] PDD - O-PF (Challenging time) — CLSA (27 May 2025) — 607960697LinqAlpha.PDF
[2] FY 2025 PDD Holdings Inc. — 20-F filing
[3] FY 2024 PDD Holdings Inc. — 20-F filing
[4] FY 2020 PDD Holdings Inc. — 20-F filing

## Citations

- [2] **FY 2025 PDD Holdings Inc.** · external
- [3] **FY 2024 PDD Holdings Inc.** · external
- [4] **FY 2020 PDD Holdings Inc.** · external — <https://www.sec.gov/Archives/edgar/data/1737806/000110465921058237/pdd-20201231x20f.htm>

