Value investor Li Lu’s Himalaya Capital significantly increased its position in PDD Holdings by over 133% during the second quarter of 2026. According to regulatory filings, which disclose trades from the prior quarter, the firm added over 6.1 million shares, boosting its total stake to 10.76 million shares valued at approximately $821 million as of June 30.
This aggressive buy makes the e-commerce giant the fund's third-largest holding, representing over 22% of its reported portfolio. The move reflects a broader portfolio concentration by Himalaya, which exited several other positions in the same period. The increased investment comes at a time when PDD faces pressures from US trade policies and European regulatory scrutiny.