PDD Holdings Inc. Appoints Jiazhen Zhao as Co-Chairman of the Board and Announces New Executive Officers

PDD Holdings Inc. announced significant changes to its board and executive team. Jiazhen Zhao, previously Co-CEO, has been appointed Co-Chairman of the Board, serving alongside Lei Chen. Both Zhao and Chen will continue in their roles as Co-CEOs. Zhao, a founding member, has been instrumental in the company's growth, having started the Duo Duo Grocery business and held various leadership positions. The company also appointed Mi Wang as Senior Vice President of Engineering and Jiong Li as Financial Director. Wang brings extensive experience from Tencent and Oracle, while Li is a Certified Public Accountant with a background at KPMG Advisory. These appointments are effective as of December 19, 2025.