PDD Holdings (PDD)
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.
- Legal name
- PDD Holdings Inc.
- Ticker
- PDD
- Exchange
- Nasdaq Stock Market · MIC XNAS — we track the US ADR line
- Local listing
- Not listed locally — the group's shares trade only as ADSs on Nasdaq
- Country
- China
- Sector
- Consumer Discretionary
- Industry
- E-commerce (Pinduoduo, Temu)
- Market cap ≈
- $122bn — computed, not copied: 1.423bn shares × $85.69 close on 2026-08-28
- Reporting currency
- USD
- Founded
- 2015
- Website
- www.pddholdings.com
- LEI
- 5493000573DS7005T657 (GLEIF)
- ISIN
- US7223041028 (check digit validated)
- FIGI
- BBG00LBLDFH8 (share class, OpenFIGI)
Graph connections view in graph →
lists_onNasdaq Stock Market
domiciled_inChina
member_ofNasdaq-100
held_by (top holdings)iShares Core MSCI Emerging Markets ETF
Sector peers — Consumer Discretionary
Compare: PDD vs AMZN · PDD vs TSLA · PDD vs MC
How this market cap is arrived at
| Shares outstanding | 1,423,396,462 |
| Basis | restated into ADS units (4 ordinary shares per ADS) |
| As of | 2025-12-31 |
| Source | SEC 20-F cover page (2025-12-31) |
| Price | 85.69 USD · PDD · close 2026-08-28 |
| Venue | NasdaqGS |
| Market cap | $122bn |
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.
Share counts move on a filing cadence, prices move continuously — so this figure is exact only as of the two dates above, and we publish both rather than a single undated number. This company is quoted here through a depositary receipt (PDD), where one receipt represents 4 ordinary shares; the price is put on an ordinary-share basis before it meets the share count. Provenance.
Fundamentals
| From the 20-F for the year ended 2025-12-31 | USD | As reported |
|---|---|---|
| Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $61.7bn | 431.8bn CNY |
| Operating incomeus-gaap:OperatingIncomeLoss | $13.3bn | 93.1bn CNY |
| Net incomeus-gaap:NetIncomeLoss | $14.0bn | 97.8bn CNY |
| Research & developmentus-gaap:ResearchAndDevelopmentExpense | $2.4bn | 16.5bn CNY |
| Total assetsus-gaap:Assets | $90.0bn | 630.0bn CNY |
| Shareholders' equityus-gaap:StockholdersEquity | $59.0bn | 413.4bn CNY |
| Cash & equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue | $15.6bn | 108.9bn CNY |
Net margin 22.7% — net income divided by revenue, both from this same filing.
Market cap / net income 8.7× — a market value from 2026-08-28 divided by earnings for a year that ended 2025-12-31. The two dates are far apart on purpose: this is arithmetic on two published numbers, not a valuation.
Every figure above is read from the same 20-F, filed 2026-04-29, and each row names the XBRL tag it came from so it can be checked against the document. Metrics absent from that filing are absent here rather than sourced from a different year — a table mixing periods is individually true and collectively meaningless. The company reports in CNY; the dollar column converts at ECB euro reference rate on 2025-12-31, the period end, not today.
Identifier crosswalk
| Standard | Value | What it answers |
|---|---|---|
| Ticker | PDD | Venue-local shorthand — ambiguous across markets |
| MIC | XNAS | ISO 10383 — the venue |
| ISIN | US7223041028 | ISO 6166 — the security |
| LEI | 5493000573DS7005T657 | ISO 17442 — the legal entity |
| FIGI | BBG00LBLDFH8 | OpenFIGI — instrument, share class |
| CUSIP | 722304102 | Derived from the US/CA ISIN, check digit verified — licensed identifier, not republished as data |
6 naming systems for one entity — only codes we actually hold are listed, with no gaps filled by guessing. Sources: LEI from GLEIF (CC0), ISIN read from the issuer's own primary listing document, with its ISO 6166 check digit validated, FIGI from OpenFIGI (open standard), MIC from the ISO 10383 registry. CUSIP appears because it is arithmetically embedded in US and Canadian ISINs — we derive and verify it from a code we already hold, and we do not redistribute CUSIP Global Services data. Each linked code opens its reverse-lookup page; the validator checks any code's check digit. seed-0.7 · marketcap-1 · 2026-08-30.
Approximate reference values from public sources · seed-0.7 · marketcap-1 · 2026-08-30 · not real-time. See data & methodology.
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