PDD Holdings Inc. is a publicly traded company incorporated in the Cayman Islands, with its shares listed on the NASDAQ exchange through American Depositary Shares (ADSs). No single individual or entity is disclosed as the sole owner; instead, ownership is spread among institutional investors, retail investors, and individual shareholders[6]. Major institutional investors include Baillie Gifford & Co., Vanguard Fiduciary Trust Co., and Fidelity Management & Research Co.[3].
The company’s operations in mainland China are conducted using a Variable Interest Entity (VIE) structure due to Chinese restrictions on foreign investment in certain sectors. This means that while foreign ADS holders have exposure to the company’s financial performance, they do not have direct equity ownership of the company’s Chinese operating entities. Instead, PDD Holdings consolidates results from its VIE and its subsidiaries through contractual arrangements[1].
Key members of PDD Holdings’ leadership include Lei Chen (Chairman of the Board and Co-Chief Executive Officer), who is a founding member, and Jiazhen Zhao (Director and Co-Chief Executive Officer)[4].
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