{
  "data_version": "seed-0.7 · marketcap-1 · 2026-08-30",
  "source": "https://finance.foundation",
  "license": {
    "finance_foundation_data": "CC BY 4.0 — attribution: Finance Foundation (https://finance.foundation)",
    "upstream_values": "Fields sourced from a provider carry their own source field and remain under that provider's terms — see https://finance.foundation/api/v1/sources"
  },
  "entity": "company",
  "data": {
    "id": "pdd-holdings",
    "name": "PDD Holdings",
    "legal_name": "PDD Holdings Inc.",
    "ticker": "PDD",
    "exchange": "nasdaq",
    "country": "china",
    "sector": "Consumer Discretionary",
    "industry": "E-commerce (Pinduoduo, Temu)",
    "market_cap_usd_bn": 122,
    "currency": "USD",
    "website": "https://www.pddholdings.com",
    "founded": 2015,
    "description": "Operator of Pinduoduo, China's value-focused e-commerce platform, and Temu, its fast-growing international discount marketplace. Trades as ADRs on Nasdaq rather than in China.",
    "us_listing_type": "ADR",
    "local_listing": {
      "venue": "Not listed locally — the group's shares trade only as ADSs on Nasdaq",
      "mic": null,
      "symbol": null,
      "currency": null,
      "isin": null
    },
    "identifiers": {
      "lei": "5493000573DS7005T657",
      "isin": "US7223041028",
      "figi": "BBG00LBLDFH8"
    },
    "market_cap_seed_usd_bn": 150,
    "market_cap_basis": "computed",
    "market_cap_as_of": "2026-08-28",
    "market_cap": {
      "usd_bn": 122,
      "method": "shares_outstanding x price",
      "shares_outstanding": 1423396462,
      "shares_basis": "restated into ADS units (4 ordinary shares per ADS)",
      "shares_as_of": "2025-12-31",
      "shares_source": "SEC 20-F cover page (2025-12-31)",
      "shares_source_url": "https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/R1.htm",
      "price": 85.69,
      "price_currency": "USD",
      "price_date": "2026-08-28",
      "price_symbol": "PDD",
      "price_venue": "NasdaqGS",
      "fx": null,
      "adr_ratio": 4,
      "caveat": "ADS ratio is 4: the 20-F states \"ADSs, each representing four Class A ordinary shares\", and the Q2 2026 earnings release repeats \"(4 ordinary shares equals 1 ADS)\". Market cap = 5,693,585,848 x (PDD ADS price / 4) — i.e. ~1.423bn ADS-equivalents. Multiplying the ordinary count by the ADS price overstates by 4x. No home-market listing: Pdd is not listed in Hong Kong or mainland China; the Nasdaq ADS line is the only listing, so yahoo_symbol and adr_symbol are both PDD."
    },
    "fundamentals": {
      "period": "2025-12-31",
      "form": "20-F",
      "filed": "2026-04-29",
      "filing_url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001737806&type=20-F&dateb=&owner=include&count=10",
      "reporting_currency": "CNY",
      "fx": {
        "usd_per_unit": 0.14283630351802776,
        "rate_date": "2025-12-31",
        "source": "ECB euro reference rate",
        "note": "Applied at the period end, not today"
      },
      "note": "Every metric comes from the same annual filing; a metric absent from that filing is absent here rather than taken from another year. Each carries the XBRL tag it was read from.",
      "metrics": {
        "revenue": {
          "value": 431845713000,
          "usd": 61683245335,
          "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
          "start": "2025-01-01",
          "end": "2025-12-31"
        },
        "net_income": {
          "value": 97842539000,
          "usd": 13975466598,
          "tag": "us-gaap:NetIncomeLoss",
          "start": "2025-01-01",
          "end": "2025-12-31"
        },
        "operating_income": {
          "value": 93102131000,
          "usd": 13298364242,
          "tag": "us-gaap:OperatingIncomeLoss",
          "start": "2025-01-01",
          "end": "2025-12-31"
        },
        "assets": {
          "value": 630044327000,
          "usd": 89993202721,
          "tag": "us-gaap:Assets",
          "start": null,
          "end": "2025-12-31"
        },
        "equity": {
          "value": 413385156000,
          "usd": 59046407612,
          "tag": "us-gaap:StockholdersEquity",
          "start": null,
          "end": "2025-12-31"
        },
        "rnd": {
          "value": 16496164000,
          "usd": 2356251088,
          "tag": "us-gaap:ResearchAndDevelopmentExpense",
          "start": "2025-01-01",
          "end": "2025-12-31"
        },
        "cash": {
          "value": 108900587000,
          "usd": 15554957298,
          "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue",
          "start": null,
          "end": "2025-12-31"
        }
      }
    }
  },
  "field_provenance": {
    "market_cap_usd_bn": "Computed, not copied: shares outstanding from the issuer's own filing x the closing price on its home listing. The inputs, their dates and the filing URL are in the `market_cap` object; null means we hold no share count we can source. `market_cap_seed_usd_bn` is the superseded hand-entered value, kept only so the two can be told apart.",
    "founded": "Company's own corporate history / registration record.",
    "sector": "Finance Foundation classification, not GICS or ICB (both licensed).",
    "identifiers": {
      "lei": "GLEIF (CC0) — free to redistribute",
      "isin": "Issuer's own primary listing document; ISO 6166 check digit validated. For a company carried via its US ADR this is the ADR ISIN — see us_listing_type",
      "figi": "OpenFIGI (open standard) — free to redistribute"
    }
  },
  "links": {
    "html": "https://finance.foundation/companies/pdd-holdings",
    "graph": "https://finance.foundation/api/v1/graph/companies/pdd-holdings",
    "sources": "https://finance.foundation/api/v1/sources"
  }
}