Greenwoods Asset Management (HK)’s Pinduoduo PDD Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$522M	Buy	5,103,804 +1,135,534	+29%	+$119M	13.45%	2
2025 Q4	$450M	Buy	3,968,270 +611,306	+18%	+$75.9M	11.12%	3
2025 Q3	$444M	Buy	3,356,964 +137,125	+4%	+$16.2M	9.99%	4
2025 Q2	$337M	Sell	3,219,839 -1,415,680	-31%	-$149M	11.73%	4
2025 Q1	$549M	Hold	4,635,519	–	–	17%	2
2024 Q4	$450M	Buy	4,635,519 +117,733	+3%	+$13.7M	14.2%	2
2024 Q3	$609M	Sell	4,517,786 -689,162	-13%	-$84.7M	19.33%	1
2024 Q2	$692M	Buy	5,206,948 +1,572,281	+43%	+$213M	18.24%	1
2024 Q1	$423M	Sell	3,634,667 -1,100,702	-23%	-$144M	13.1%	2
2023 Q4	$693M	Sell	4,735,369 -423,247	-8%	-$51.3M	24.73%	1
2023 Q3	$506M	Buy	5,158,616 +456,950	+10%	+$39.4M	19.84%	1
2023 Q2	$325M	Buy	4,701,666 +462,580	+11%	+$31.8M	15.71%	1
2023 Q1	$322M	Sell	4,239,086 -1,339,466	-24%	-$121M	18.61%	1
2022 Q4	$455M	Buy	5,578,552 +2,337,492	+72%	+$163M	27.92%	1
2022 Q3	$203M	Buy	3,241,060 +1,233,872	+61%	+$71.7M	13.77%	2
2022 Q2	$124M	Buy	2,007,188 +240,182	+14%	+$11.3M	5.53%	8
2022 Q1	$70.9M	Sell	1,767,006 -942,951	-35%	-$48.5M	3.04%	11
2021 Q4	$158M	Buy	2,709,957 +704,588	+35%	+$55.6M	5.86%	7
2021 Q3	$182M	Sell	2,005,369 -612,628	-23%	-$59.6M	7.35%	5
2021 Q2	$333M	Hold	2,617,997	–	–	11.63%	3
2021 Q1	$350M	Buy	+2,617,997	New	+$442M	14.83%	2