Duan Yongping's latest holdings: Jumped to become Pinduoduo's sixth-largest shareholder

The last time Duan Yongping's H&H International disclosed its holdings was in mid-February. At that time, my summary in one sentence was: 10x increase in NVIDIA position, buying more Pinduoduo as it falls.

On May 19, Duan Yongping's institution submitted its latest Q1 2026 holdings to the SEC. Of course, I was most concerned about his Pinduoduo holdings.

Pinduoduo's stock price has been sluggish during this period, which suits his investment style of building positions via Sell Put.

As expected, Duan Yongping continued to buy more Pinduoduo as it fell this quarter.

Compared to last quarter, the position increased by 71%, currently holding 1.39%.

He was the ninth-largest shareholder of Pinduoduo last quarter, and has now jumped to the sixth-largest shareholder in the latest holdings. Second only to Huang Zheng, Tencent, BlackRock, Vanguard, and Baillie Gifford.

This is also very consistent with his style of aligning knowledge with action.

He previously shared on Xueqiu that around 100 is indeed a reasonable range for his Pinduoduo sell put strategy.

So it's guessed that the 71% increase this quarter should largely be from shares acquired through sell put assignments.

Considering Pinduoduo's overall stock price was around 110 in Q1, combined with the premium from his sell puts, the overall cost should be a bit over 100.

Here's a side note on NetEase.

According to NetEase's latest 13F, it also bought a large amount of Pinduoduo, increasing from 3.56 million shares last quarter to 8.87 million shares, holding 0.62% of Pinduoduo in total, about one-third of Duan Yongping's holding.

I find this quite interesting.

As is well known, NetEase's e-commerce projects haven't been very successful overall. However, NetEase Yanxuan (对标 Costco) and NetEase Kaola (a cross-border project) can find their shadows in Pinduoduo & Temu.

Thinking about it this way, in a sense, it's also practicing the principle of not investing in what you don't understand.

Back to Duan Yongping, besides Pinduoduo, other core changes include:

1. NVIDIA: Continued heavy increase. Position surged from 7.23 million shares in Q4 to 13.84 million shares, adding another 6.60 million shares (+91%) in a single quarter. The holding value reached $2.4 billion, becoming one of the core AI positions.

2. Google: Doubled the position. Holdings increased directly from 1.85 million shares to 3.70 million shares, adding 1.85 million shares (+100%), essentially doubling.

3. Tesla: Established a large new position. First-time entry directly bought 3.40 million shares, with a holding value of about $1.27 billion, stepping into the top few holdings in one go, somewhat aggressive.

4. Berkshire Hathaway: Continued to increase defensive assets. Increased by about 1.97 million shares (+27%), with a holding value reaching $4.38 billion, still a very important ballast.

5. Apple: Continued to reduce. Decreased from 32.35 million shares to 28.94 million shares, a reduction of about 3.41 million shares (-11%), likely also through selling covered calls. But Apple remains the stable top holding.

6. TSMC: Significantly reduced. Dropped directly from 1.22 million shares to 150,000 shares, a reduction of over 1.07 million shares (-88%), a very forceful move.

There were also some other operations on other securities. For details, please see the figure below.

The original 13F document is also attached here:

$PDD(PDD.US)