Value investor Duan Yongping’s H&H International Investment increased its stake in e-commerce giant PDD Holdings by 26.71% during the second quarter of 2026. According to a delayed quarterly SEC filing from August 14, H&H added over 5.27 million shares, bringing its total to 25.02 million. This raised PDD to the firm's third-largest holding.
The move comes as PDD's stock has faced pressure in 2026, and ahead of its Q2 earnings report scheduled for August 24. The trade was part of a broader portfolio shift for H&H, which simultaneously reduced significant positions in U.S. tech companies like NVIDIA and Google, suggesting a strategic rotation into Chinese internet stocks.