Keywise Capital 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	–	Sell	-16,500	Closed	-$1.87M	–	20
2025 Q4	$1.87M	Sell	16,500 -203,350	-92%	-$25.2M	0.15%	14
2025 Q3	$29.1M	Sell	219,850 -1,105,200	-83%	-$131M	2.33%	7
2025 Q2	$139M	Buy	1,325,050 +172,690	+15%	+$18.1M	12.63%	5
2025 Q1	$136M	Buy	1,152,360 +4,600	+0.4%	+$528K	15.02%	3
2024 Q4	$111M	Buy	1,147,760 +560	+0%	+$65.2K	9.21%	4
2024 Q3	$155M	Buy	1,147,200 +603,300	+111%	+$74.1M	15.42%	3
2024 Q2	$72.3M	Buy	543,900 +305,400	+128%	+$41.4M	8.74%	5
2024 Q1	$27.7M	Sell	238,500 -236,100	-50%	-$30.9M	3.76%	7
2023 Q4	$69.4M	Buy	474,600 +134,900	+40%	+$16.4M	11.4%	5
2023 Q3	$33.3M	Buy	339,700 +258,900	+320%	+$22.3M	5.52%	6
2023 Q2	$5.59M	Sell	80,800 -8,350	-9%	-$574K	1.02%	10
2023 Q1	$6.77M	Sell	89,150 -11,700	-12%	-$1.06M	1.54%	9
2022 Q4	$8.22M	Sell	100,850 -72,050	-42%	-$5.02M	2.9%	7
2022 Q3	$10.8M	Buy	+172,900	New	+$10.1M	5.16%	7
2021 Q2	–	Sell	-3,400	Closed	-$455K	–	22
2021 Q1	$455K	Buy	+3,400	New	+$574K	0.12%	18
2020 Q4	–	Sell	-5,700	Closed	-$423K	–	23
2020 Q3	$423K	Buy	5,700 +2,200	+63%	+$189K	0.1%	28
2020 Q2	$300K	Buy	+3,500	New	+$211K	0.08%	33
2020 Q1	–	Sell	-1,018,900	Closed	-$38.5M	–	30
2019 Q4	$38.5M	Buy	+1,018,900	New	+$38M	12.78%	4