TC006431)
Pujiang HK (23002564213 + 2 filings) & Sister Entity Walnut HK (22101964649 + 15 filings)
NASDAQ: PDD) FY2025 Financial Releases & SEC Form 20-F Filings, and Shanghai Administration for Market Regulation FDI records. Provided strictly for institutional corporate research and counterparty due diligence.
In early February 2026, two massive Wholly Foreign-Owned Enterprises (WFOEs) with combined registered capital of RMB 15 billion (approx. US$ 2.1 billion) were incorporated in Shanghai within 48 hours of each other: Shanghai Xinpinmu Hongqiao E-Commerce Co., Ltd. (registered capital: RMB 10 billion; Unified Social Credit Code: 91310000MAK5NLAUXT) and Shanghai Xinpinmu Pudong E-Commerce Co., Ltd. (registered capital: RMB 5 billion; Unified Social Credit Code: 91310115MAK5NY2F1F). Both entities appointed PDD Holdings Co-Founder, Co-Chairman & Co-CEO Jiazhen Zhao as sole director and authorized representative, PDD Holdings Executive President & Xinpinmu President Zheng Zhu as supervisor, and veteran PDD finance head Jingjing Huang as chief financial officer[3][4].
Forensic penetration of their shareholder registers reveals that their 100% sole corporate parent is Pujiang Hong Kong Limited (translated in Mainland Chinese FDI filings as 浦江香港有限公司; Hong Kong CR No.: 3715428; Business Registration Number: 79720233), incorporated in Hong Kong just four days earlier on 29 January 2026[1][2]. Even more revealing is its statutory Registered Office Address—Room 417, 4/F, Block Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong—which is 100% identical to the exact suite occupied by PDD Holdings' long-standing flagship Hong Kong holding subsidiary, HongKong Walnut Street Limited (香港胡桃街有限公司, CR No. 2230347), as well as early PDD venture investor 5Y CAPITAL MANAGEMENT HK LIMITED, CR No. 3843104).
Why did PDD Holdings establish Pujiang Hong Kong Limited alongside HongKong Walnut Street Limited to anchor its RMB 100 billion 3-year "Xinpinmu" (New Pinduoduo + Sam's Club private-label paradigm) transformation? What geographic code links "Pujiang", "Hongqiao", and "Pudong"? How does PDD's RMB 422.3 billion cash war chest flow through this Hong Kong hub? This flagship dossier delivers a forensic breakdown of all statutory filings, offshore ownership layers, and Lippo Centre Room 417 spatial telemetry.
Inspect "Pujiang Hong Kong Limited" Live Registry & 2026 Form NNC1→Inspect Co-Located Sister Entity "HongKong Walnut Street Limited" (16 Filings)→
I. Statutory Registration Profile, the "Pujiang–Hongqiao–Pudong" Naming Code & "Xinpinmu" Strategic Origins
When conducting cross-border KYC due diligence or supply chain onboarding, the primary step is verifying the entity's statutory baseline at the Hong Kong Companies Registry (CR) and the Inland Revenue Department Business Registration Office (BRO)[1][2]:
| Statutory Particular | Official Hong Kong Registry Record | Statutory Basis & Verification Note |
|---|---|---|
| Legal English Name | Pujiang Hong Kong Limited | Sole statutory name registered upon incorporation on 29 Jan 2026 |
| Statutory Chinese Name Record | None registered in HK CR (Mainland Chinese FDI translation: 浦江香港有限公司) | Compliant with single-language registration under Cap. 622 s. 81 |
| Company Number (CR No.) | 3715428 | Companies Ordinance (Cap. 622) registration number (CI Barcode: 40025610371) |
| Business Registration No. (BRN / UBI) | 79720233 | 8-digit Unique Business Identifier & HK Tax ID under Cap. 310 |
| Date of Incorporation | 29 January 2026 | Incorporated exactly 4–5 days prior to its two Shanghai WFOEs |
| Company Category & Status | Private Company Limited by Shares · Live (Active on Register) | In good standing with zero liquidation or strike-off proceedings |
| Registered Office Address (English) | ROOM 417, 4/F, BLOCK TWO, LIPPO CENTRE, 89 QUEENSWAY, ADMIRALTY, HONG KONG | 100% identical to sister entity HongKong Walnut Street Limited |
| Registered Office Address (Chinese) | Room 417, 4/F, Tower Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong | Managed on-site by licensed TCSPs including PRUDENT SECRETARIES (TC003668) |
| Initial Statutory Dossier | Incorporation Form NNC1 (8p) · Articles of Association A&A (30p) · Certificate of Inc. CI (1p) | ICRIS Barcodes: 23002564213, 23002564214, 40025610371 |
1.1 Forensic Name Discrepancy: Why Does It Lack a Statutory Chinese Name in Hong Kong?
Counterparties searching the Hong Kong Companies Registry for the Chinese characters "浦江香港有限公司" will find no direct Chinese-name match; the entity must be queried via its statutory English name Pujiang Hong Kong Limited, CR No. 3715428, or BRN 79720233[1]. This stems from two distinct legal regimes:
- Section 81 of the Hong Kong Companies Ordinance (Cap. 622): A Hong Kong company may be incorporated with an English name only, a Chinese name only, or both. Nasdaq-listed multinational groups routinely incorporate Hong Kong SPVs with an English-only legal name and English Articles of Association (30 pages, Barcode:
23002564214) to streamline US GAAP audit trails and international USD/CNH syndicated banking; - Mainland China FDI Reporting Requirements: When Pujiang Hong Kong Limited registered as the sole foreign corporate investor of the two Shanghai subsidiaries, Mainland China's Ministry of Commerce (MOFCOM) and SAMR systems mandated a standardized Chinese translation alongside the legal English name—rendering "Pujiang" as "浦江香港有限公司" in Mainland administrative records.
1.2 Decoding PDD Legal's "Shanghai Geographic Homophone Code": Pujiang → Hongqiao + Pudong
Examining the Hong Kong parent alongside its two Shanghai subsidiaries reveals a deliberate geographic naming architecture linking Hong Kong with both sides of Shanghai[3][4]:
- Parent "Pujiang (Pujiang)" — Shanghai's Mother River (Huangpu River): Founded and headquartered in Shanghai, PDD named its Hong Kong investment hub after the Huangpu River ("Pujiang"), symbolizing the capital artery connecting both banks of Shanghai;
- Puxi Subsidiary "Xinpinmu Hongqiao (Hongqiao)" — Homophone for "Hongqiao (Hongqiao)": Registered at Room 201, Building 2, 688 Tianshan Road, Changning District, Shanghai (Crystal Galleria Hongqiao)—adjacent to PDD's Loushanguan Road / Jinzhong Road headquarters in Changning District—with RMB 10 billion registered capital to anchor domestic supply chain and brand incubation;
- Pudong FTZ Subsidiary "Xinpinmu Pudong (Pudong)" — Homophone for "Pudong (Pudong)": Registered at Unit 501, 1318 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone (DBS Bank Tower, Lujiazui, Pudong) with RMB 5 billion registered capital to anchor customs clearance, international freight forwarding, and global brand exports via Temu.
1.3 Why "Xinpinmu" (Xinpinmu)? The "New Pinduoduo + Sam's Club" Self-Operated Brand Revolution
Announced officially during PDD Holdings' Q4 and Full-Year 2025 earnings release on 25 March 2026 following Co-Founder Jiazhen Zhao's appointment as Co-Chairman & Co-CEO alongside Lei Chen in December 2025, "Xinpinmu" represents the flagship execution of PDD's pledge to "rebuild another Pinduoduo within three years"[4]:
- From Pure Marketplace to "Sam's Club-Style" Self-Operated Brands: Combining "Xinpin" (New Pinduoduo) with "Mu" (benchmarking Sam's Club / Member's Mark and Costco / Kirkland Signature), PDD is committing RMB 100 billion in cash over three years (starting with RMB 15B Phase-1 equity injection) to move beyond third-party white-label brokerage;
- C2M Buyout & Global Supply Chain Integration: Integrating consumer demand telemetry across both Pinduoduo (domestic) and Temu (global), Xinpinmu engages in direct product definition, factory direct sourcing, inventory buyout underwriting, and end-to-end quality control across apparel, home goods, consumer electronics, maternal/baby, and outdoor industrial belts.
II. RMB 15 Billion in 4 Days: Forensic Penetration of the Shanghai Twin WFOEs & Executive Triad
Incorporated in Hong Kong on 29 January 2026 (CI Barcode: 40025610371), Pujiang Hong Kong Limited completed the establishment of its two Shanghai WFOEs immediately after the weekend on 2 February and 3 February 2026[1][3]:
| Audit Dimension | Puxi Changning Flagship: Shanghai Xinpinmu Hongqiao E-Commerce Co., Ltd. | Pudong FTZ Flagship: Shanghai Xinpinmu Pudong E-Commerce Co., Ltd. |
|---|---|---|
| Unified Social Credit Code | 91310000MAK5NLAUXT | 91310115MAK5NY2F1F |
| Date of Establishment | 2 February 2026 (4 days after HK parent incorporation) | 3 February 2026 (5 days after HK parent incorporation) |
| Registered Capital | RMB 10,000,000,000 (RMB 10 Billion) | RMB 5,000,000,000 (RMB 5 Billion) |
| Sole Corporate Shareholder | Pujiang Hong Kong Limited (100% Wholly Owned) | Pujiang Hong Kong Limited (100% Wholly Owned) |
| Corporate Registration Type | Limited Liability Company (Wholly Owned by HK/Macau/Taiwan Corporate) | Limited Liability Company (Wholly Owned by HK/Macau/Taiwan Corporate) |
| Registered Office Address | Room 201, Bldg 2, 688 Tianshan Rd, Changning District, Shanghai (Crystal Galleria Hongqiao, adjacent to PDD Shanghai HQ) | Unit 501, 1318 Lujiazui Ring Rd, China (Shanghai) Pilot Free Trade Zone (DBS Bank Tower, Lujiazui Financial District, Pudong FTZ) |
| Executive Governance Triad | • Sole Director & Rep.: Jiazhen Zhao (Group Co-Chairman & Co-CEO) • Supervisor: Zheng Zhu (Group Exec. President & Xinpinmu President) • Finance Head: Jingjing Huang | • Sole Director & Rep.: Jiazhen Zhao (Group Co-Chairman & Co-CEO) • Supervisor: Zheng Zhu (Group Exec. President & Xinpinmu President) • Finance Head: Jingjing Huang |
| Statutory Business Scope & Operational Split | [Multi-Category Brand Incubation, Principal Merchandising & Warehousing] Import/export of goods & technology; online retail; pre-packaged food sales; brand management; supply chain management; general cargo warehousing; loading/unloading; marketing planning; wholesale & retail across apparel, home goods, electronics, appliances, maternal/baby, cosmetics, pet supplies, jewelry, and Class I/II medical devices. | [Cross-Border Import/Export, Customs Brokerage & Global Freight Hub] Online sales; import/export agency; goods & tech import/export; international freight forwarding agency; customs declaration brokerage; supply chain management; procurement agency; trade brokerage; domestic freight agency; business agency & consulting services. |
III. PDD Holdings' 5-Tier Offshore Architecture: Why Create "Pujiang Hong Kong" Alongside "HongKong Walnut Street"?
In PDD Holdings Inc.'s (NASDAQ: PDD, formerly Walnut Street Group Holding Limited) SEC Form 20-F filings, the group has historically relied on HongKong Walnut Street Limited (香港胡桃街有限公司) (CR No. 2230347, BRN 64685846, incorporated 28 April 2015) as its core intermediate Hong Kong holding company[1][5]. Why did PDD establish a brand-new Hong Kong vehicle—Pujiang Hong Kong Limited—in the exact same Lippo Centre Room 417 suite rather than routing the RMB 15 billion through HongKong Walnut Street Limited?
| Strategic Track | Offshore / HK Intermediate Hub | Core Operating Subsidiaries | Asset Model & Legal Control |
|---|---|---|---|
| Track A: Legacy Domestic Marketplace & VIE (2015–Present) | HongKong Walnut Street Limited香港胡桃街有限公司(HK CR: 2230347 · BRN: 64685846) | • WFOEs: Hangzhou Weimi Network, Walnut Street (Shanghai) IT, Shenzhen Qianhai Xinzhijiang • VIE Entities: Hangzhou Aimi → Shanghai Xunmeng IT (Pinduoduo App) | Asset-Light 3P Marketplace + Contractual VIE Control (due to PRC ICP value-added telecom foreign ownership restrictions) |
| Track B: Temu Global Cross-Border Platform (2022–Present) | Elementary Innovation Pte. Ltd. (Singapore) Whaleco Technology Limited (Ireland / Delaware USA) | • Regional marketplace entities across 80+ countries in North America, Europe, Asia-Pacific & LatAm | Global Consignment & Semi-Managed Platform (jurisdictional data & regulatory ring-fencing) |
| Track C: 2026 "Xinpinmu" RMB 100B Self-Operated Brands (Jan 2026–Present) | Pujiang Hong Kong Limited浦江香港有限公司(HK CR: 3715428 · BRN: 79720233) | • Shanghai Xinpinmu Hongqiao E-Commerce (RMB 10B · Brand & Warehousing) • Shanghai Xinpinmu Pudong E-Commerce (RMB 5B · Customs & Global Freight) | 100% Direct Equity WFOEs + Asset-Heavy Principal Merchandising (no VIE required; direct 100% equity ownership) |
3.1 Four-Stage Evolution of PDD's Offshore Capital Architecture
Stage 1 (2015–2018): Incorporation of HongKong Walnut Street Limited, VIE Structuring & Nasdaq IPO
On 28 April 2015, PDD incorporated HongKong Walnut Street Limited (CR No. 2230347) in Hong Kong to hold its PRC WFOEs (Hangzhou Weimi) and consolidate Shanghai Xunmeng via VIE agreements. After listing on Nasdaq (NASDAQ: PDD) in July 2018, HongKong Walnut Street Limited filed Form NR1 (Barcode: 22101393683) on 2 July 2019 to relocate its registered office to Room 417, 4/F, Block 2, Lippo Centre, Admiralty[1].
Stage 2 (2022–2024): Global Rollout of Temu & Group Rebranding to PDD Holdings Inc.
Launching Temu in September 2022, the group expanded into 80+ countries and rebranded its Cayman parent to PDD Holdings Inc. in 2023. On 5 October 2023, HongKong Walnut Street Limited filed a Return of Allotment of Shares (Form NSC1, Barcode: 24001462278) to expand its capital base[1].
Stage 3 (Q4 2025 Historic Inflection): Transaction Services Overtake Advertising Revenue as Cash Hits RMB 422.3B
In FY2025, PDD Holdings generated RMB 431.846 billion in revenue and accumulated RMB 422.3 billion in cash, cash equivalents, and short-term investments (+27% YoY). Crucially, in Q4 2025, Transaction Services revenue (RMB 63.902B, +19% YoY) surpassed Online Marketing Services revenue (RMB 60.010B, +5% YoY) for the first time in PDD's history—signaling the shift from pure ad monetization to deep supply chain value capture[4].
Stage 4 (Jan–Mar 2026): Launch of Pujiang Hong Kong Limited & the RMB 100B "Xinpinmu" Initiative
Following Jiazhen Zhao's elevation to Co-Chairman & Co-CEO in December 2025, PDD incorporated Pujiang Hong Kong Limited (CR No. 3715428) at Lippo Centre Room 417 on 29 January 2026, injected RMB 15 billion into the two Shanghai Xinpinmu WFOEs on 2–3 February, and unveiled the 3-year RMB 100 billion self-operated brand strategy on 25 March 2026[3][4].
IV. Spatial Topology of Lippo Centre Block 2, 4/F, Room 417: Inside the 1,156-Entity TCSP Cluster
Why do both Pujiang Hong Kong Limited and HongKong Walnut Street Limited share the exact same registered office at Room 417, 4/F, Block Two, Lippo Centre, 89 Queensway, Admiralty? Cross-referencing 86hc.com's Spatial Address Telemetry and Licensed TCSP Risk Radar reveals that Room 417 serves as the statutory registered office for 1,156 active Hong Kong corporations, managed on-site by three licensed Trust or Company Service Providers (TCSPs) under the GIC / Prudent Secretaries corporate secretarial group[1]:
| On-Site Licensed TCSP Entity | TCSP License No. | CR No. / BRN | 86hc Risk Radar Track Record (As of Oct 2026) |
|---|---|---|---|
| PRUDENT SECRETARIES LIMITED | TC003668 | CR: 0847573BRN: 33673472 | Inc. 2003-05-21 · 0 Defendant Clients · 0 Litigation Cases · 0 Sanctions (Tier-1 Clean Record) |
| GIC SERVICES LIMITED | TC008151 | CR: 3086163BRN: 73371337 | Inc. 2021-09-16 · 0 Defendant Clients · 0 Litigation Cases · 0 Sanctions (Tier-1 Clean Record) |
| GIC CORPORATE SERVICES LIMITED | TC011063 | BRN: 80321662 | Active Licensee · 0 Defendant Clients · 0 Litigation Cases · 0 Sanctions (Tier-1 Clean Record) |
4.1 Prominent Co-Located Corporations in Lippo Centre Room 417 (Including Early PDD Investor 5Y Capital!)
| Notable Co-Located Entity at Room 417 | CR No. | BRN | Inc. Date | Corporate Pedigree & Strategic Link |
|---|---|---|---|---|
| Pujiang Hong Kong Limited | 3715428 | 79720233 | 2026-01-29 | PDD Holdings' RMB 100B "Xinpinmu" HK Holding Hub (100% parent of RMB 15B Shanghai WFOEs) |
HongKong Walnut Street Limited香港胡桃街有限公司 | 2230347 | 64685846 | 2015-04-28 | PDD Holdings' Core Legacy HK Subsidiary (relocated to Room 417 on 2019-07-02) |
5Y CAPITAL MANAGEMENT HK LIMITED | 3843104 | 81006603 | 2026-08-10 | 5Y Capital (formerly Morningside Venture Capital)—early institutional backer of Pinduoduo, Xiaomi & Kuaishou |
| WuXi XDC HK Treasury Limited | 3845310 | 81028821 | 2026-08-13 | Offshore treasury platform of HKEX-listed bioconjugate leader WuXi XDC (02268.HK) |
Shanghai Pharma Medigo (HK) Limited | 0126144 | 08511950 | 1983-07-08 | Cross-border healthcare platform of Shanghai Pharmaceuticals Holding |
DT Capital Management Company Limited | 1018564 | 36367658 | 2006-01-11 | Hong Kong management vehicle of private equity firm DT Capital Partners |
86hc registry records show unrelated third-party companies incorporating with similar names in Hong Kong, such as Hongkong Pinduoduo International Trade Limited (CR: 3426991 in Kwun Tong) and Pinduoduo (Hong Kong) Limited (CR: 3791848 in Central). Suppliers and compliance officers must never rely on a "Pinduoduo" trade name alone—PDD Holdings' authentic Hong Kong holding vehicles verified in SEC Form 20-F and Shanghai FDI records are strictly HongKong Walnut Street Limited (CR No. 2230347) and Pujiang Hong Kong Limited (CR No. 3715428) at Lippo Centre Room 417!
V. RMB 422.3B Cash Reserve Backing, FDI Capital Injection & 5% Mainland–HK DTA Tax Shield
According to PDD Holdings' Q4 and Full-Year 2025 financial results released on 25 March 2026, the group's balance sheet provides overwhelming liquidity for the Xinpinmu initiative[4][6]:
| PDD Holdings Financial Metric | FY2025 / Year-End Figure | YoY Trend & Structural Shift | Coverage of RMB 100B "Xinpinmu" Budget |
|---|---|---|---|
| FY2025 Total Revenue | RMB 431.846 Billion (approx. US$ 61.753B) | +10% YoY | Massive dual-platform GMV provides immediate demand absorption for self-operated brands |
| Q4 2025 Transaction vs. Marketing Revenue | Transaction: RMB 63.902B Marketing: RMB 60.010B | Transaction +19% YoYFirst-ever overtake of ad revenue | Confirms structural pivot from merchant ad monetization to supply chain transaction value |
| FY2025 Non-GAAP Net Income | RMB 107.301 Billion (GAAP Net Income: RMB 99.365B) | -12% YoY (due to merchant fee reductions & ecosystem subsidies) | 1 single year of Non-GAAP net profit exceeds the entire 3-year RMB 100B Xinpinmu commitment |
| FY2025 Operating Cash Flow | RMB 106.939 Billion | Sustained RMB 100B+ annual cash generation | 100% self-funded via internal cash flow with zero debt leverage required |
| Cash, Cash Equivalents & Short-Term Inv. | RMB 422.300 Billion | +RMB 90.7B (+27% YoY) vs. end-2024 (RMB 331.6B) | Phase-1 RMB 15B injection equals just 3.55% of cash reserves; 3-year RMB 100B equals 23.68% |
Routing this capital through Pujiang Hong Kong Limited unlocks three structural advantages: (1) frictionless USD/CNH offshore treasury conversion into Shanghai Changning and Pudong FTZ FDI capital accounts; (2) eligibility for the reduced 5% dividend withholding tax rate under Article 10(2) of the Mainland–Hong Kong Double Taxation Arrangement (versus the 10% standard rate for Cayman/BVI parents), saving RMB 500 million per RMB 10 billion of repatriated profits; and (3) 0% Hong Kong Profits Tax on offshore dividend income under the territorial tax principle (Cap. 112)[6].
VI. Statutory Filing Barcode Schedule (19 Dossiers) & Counterparty Verification SOP
6.1 Complete 2026 Statutory Filings of "Pujiang Hong Kong Limited (CR No. 3715428)" (3 Filings)
| Filing Date | Form Code | Statutory Document Title | ICRIS Barcode | Pages | Forensic Verification Value |
|---|---|---|---|---|---|
2026-01-29 | NNC1 | Incorporation Form (Company Limited by Shares) (Form NNC1) | 23002564213 | 8 p | [Primary Dossier] Discloses initial issued share capital, founder member (sole parent entity), first directors, and TCSP company secretary. |
2026-01-29 | A&A | Articles of Association (English) | 23002564214 | 30 p | Sets forth board voting rules, share allotment authority, and transfer restrictions. |
2026-01-29 | CI | Certificate of Incorporation | 40025610371 | 1 p | Statutory birth certificate issued by the Registrar of Companies confirming CR No. 3715428. |
* Statutory Note: Under Section 662 of the Hong Kong Companies Ordinance (Cap. 622), a private company files its first Annual Return (Form NAR1) within 42 days after its first anniversary of incorporation (i.e., after 29 January 2027). Until then, the 8-page Incorporation Form (Form NNC1, Barcode: 23002564213) is the sole official public filing disclosing its initial shareholder and director particulars.
6.2 Key Historical Filings of Co-Located Sister Entity "HongKong Walnut Street Limited (CR No. 2230347)"
| Filing Date | Form Code | Statutory Document Title | ICRIS Barcode | Pages | Cross-Verification Value |
|---|---|---|---|---|---|
2024-11-28 | NAR1 | Annual Return 2024 (Form NAR1) | 22101964649 | 9 p | Verifies PDD Holdings' 100% shareholding, current directors & TCSP secretary |
2024-09-12 | AMEND | Rectification of Typographical/Clerical Error in Registered Document | 22101941663 | 3 p | Statutory clerical amendment filing |
2023-12-27 | BRN_REF | Reference Document for Business Registration Number as UBI | SH000639349 | 1 p | Adopts 8-digit BRN (64685846) as Unique Business Identifier |
2023-10-05 | NSC1 | Return of Allotment of Shares (Form NSC1) | 24001462278 | 4 p | Records 2023 share allotment and paid-up capital expansion |
2023-05-02 | NAR1 | Annual Return 2023 (Form NAR1) | 22402102641 | 8 p | 2023 statutory snapshot (2018–2022 NAR1s also indexed on 86hc.com) |
2019-07-02 | NR1 | Notice of Change of Registered Office Address (Form NR1) | 22101393683 | 1 p | [Co-Location Proof] Relocates registered office to Lippo Centre Block 2, 4/F, Room 417 |
2019-07-02 | ND2B | Notice of Change of Company Secretary & Director Details (Form ND2B) | 22202033736 | 3 p | Updates secretarial & director particulars alongside 2019-02-04 ND2A (23301502402) |
Authoritative References & Statutory Sources
- Hong Kong Companies Registry (ICRIS): Statutory filings of Pujiang Hong Kong Limited (CR No. 3715428; Form NNC1 Barcode:
23002564213, Articles of Association Barcode:23002564214, Certificate of Incorporation Barcode:40025610371); statutory filings of HongKong Walnut Street Limited (CR No. 2230347; 2024 Form NAR1 Barcode:22101964649, Form NSC1 Barcode:24001462278, Form NR1 Barcode:22101393683); and TCSP Register (TC003668,TC008151,TC011063). - Hong Kong Inland Revenue Department – Business Registration Office: Public Register particulars for BRN
79720233and BRN64685846. - Shanghai Administration for Market Regulation FDI Registration Records: Shanghai Xinpinmu Hongqiao E-Commerce Co., Ltd. (USCC:
91310000MAK5NLAUXT, inc. 2026-02-02, RMB 10B registered capital) and Shanghai Xinpinmu Pudong E-Commerce Co., Ltd. (USCC:91310115MAK5NY2F1F, inc. 2026-02-03, RMB 5B registered capital). - PDD Holdings Inc. (NASDAQ: PDD) Investor Relations: PDD Holdings Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results (25 March 2026: FY2025 revenue RMB 431.846B, Non-GAAP net income RMB 107.301B, cash & short-term investments RMB 422.3B, and strategic disclosure of the 3-year RMB 100B "Xinpinmu" brand self-operation initiative led by Co-Chairman & Co-CEO Jiazhen Zhao).
- U.S. Securities and Exchange Commission (SEC) EDGAR Database: PDD Holdings Inc. Annual Report on Form 20-F (Exhibit 8.1: List of Principal Subsidiaries and Consolidated VIEs).
- Hong Kong Inland Revenue Department & State Taxation Administration (STA): Arrangement between the Mainland of China and the HKSAR for the Avoidance of Double Taxation (Article 10) & STA Public Notice [2018] No. 9 on Beneficial Ownership.