# EDGAR Filing Document

**Accession Number:** 0001737806
**File Stem:** 0001104659-23-019680
**Filing Date:** 2023-2
**Character Count:** 37884
**Document Hash:** b5bda5a26822c9d2774e9c339ff33def
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-019680.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001104659-23-019680

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**GROUP MEMBERS**: BANYAN ASSOCIATES II, L.P.

**GROUP MEMBERS**: BANYAN ASSOCIATES III, L.P.

**GROUP MEMBERS**: BANYAN PARTNERS FUND III, L.P.

**GROUP MEMBERS**: BANYAN PARTNERS FUND III-A, L.P.

**GROUP MEMBERS**: BANYAN PARTNERS II LTD.

**GROUP MEMBERS**: BANYAN PARTNERS III LTD.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PDD Holdings Inc.
- **CENTRAL INDEX KEY:** 0001737806
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90585
- **FILM NUMBER:** 23618366

**BUSINESS ADDRESS:**
- **STREET 1:** 28/F, NO. 533 LOUSHANGUAN ROAD
- **STREET 2:** CHANGNING DISTRICT
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 200051
- **BUSINESS PHONE:** 86 21-52661300

**MAIL ADDRESS:**
- **STREET 1:** 28/F, NO. 533 LOUSHANGUAN ROAD
- **STREET 2:** CHANGNING DISTRICT
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 200051

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pinduoduo Inc.
- **DATE OF NAME CHANGE:** 20180709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Walnut Street Group Holding Ltd
- **DATE OF NAME CHANGE:** 20180628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pinduoduo Inc.
- **DATE OF NAME CHANGE:** 20180628
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banyan Partners Fund II, L.P.
- **CENTRAL INDEX KEY:** 0001629563
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WALKERS CORPORATE LIMITED
- **STREET 2:** 190 ELGIN AVENUE, GEORGE TOWN
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9008
- **BUSINESS PHONE:** 010-852-3974-6700

**MAIL ADDRESS:**
- **STREET 1:** C/O WALKERS CORPORATE LIMITED
- **STREET 2:** 190 ELGIN AVENUE, GEORGE TOWN
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9008

---

| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

---

**SCHEDULE 13G**

**(Rule 13d–102)**

**INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO §240.13d-1(b), (c) AND (d) AND**

**AMENDMENTS THERETO FILED PURSUANT TO §240.13d-2.**

**(Amendment No.4)** 

**Pinduoduo Inc.**

(Name of Issuer)

**Class A Ordinary Shares, par value US$0.000005 per share**

(Title of Class of Securities)

**722304102**

(CUSIP Number)

**December 31, 2022**

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

---

| | |
|:---|:---|
| ◻ | Rule 13d-1(b) |
| ◻ | Rule 13d-1(c) |
| ⌧ | **Rule 13d-1(d)** |

---

The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

**CUSIP No. 722304102**

---

| | | |
|:---|:---|:---|
| 1. | Names of Reporting Persons<br> **Banyan Partners Fund II, L.P.** | Names of Reporting Persons<br> **Banyan Partners Fund II, L.P.** |
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) | Check the Appropriate Box if a Member of a Group (See Instructions) |
|  | (a) | ¨ |
|  | **(b)** | ⌧**(1)** |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br> **Cayman Islands** | Citizenship or Place of Organization<br> **Cayman Islands** |

---

---

| | | |
|:---|:---|:---|
| <br>Number <br> of Shares <br> Beneficially <br> Owned by <br> Each <br> Reporting <br> Person With | 5. | Sole Voting Power<br> **0**<br>|
| <br>Number <br> of Shares <br> Beneficially <br> Owned by <br> Each <br> Reporting <br> Person With | 6. | Shared Voting Power<br> **223,575,744 Class A ordinary shares (2)**<br>|
| <br>Number <br> of Shares <br> Beneficially <br> Owned by <br> Each <br> Reporting <br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br>Number <br> of Shares <br> Beneficially <br> Owned by <br> Each <br> Reporting <br> Person With | 8. | Shared Dispositive Power<br> **223,575,744 Class A ordinary shares (2)**<br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **223,575,744 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **4.42% of the total ordinary shares (4)** 

12. Type of Reporting Person (See Instructions) **PN** 

(1) This statement on Schedule 13G is filed by Banyan Partners Fund II, L.P. ("Banyan Fund II"),
Banyan Associates II, L.P. ("Banyan Associates II"), Banyan Partners Fund III, L.P. ("Banyan Fund III"), Banyan
Partners Fund III-A, L.P. ("Banyan Fund III-A"), Banyan Associates III, L.P. ("Banyan Associates III"), Banyan
Partners II Ltd. ("Banyan II GP") and Banyan Partners III Ltd. ("Banyan III GP", collectively with Banyan
Fund II, Banyan Associates II, Banyan Fund III, Banyan III-A, Banyan Associates III and Banyan II GP, the "Reporting Persons").
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

(2) Such 223,575,744 Class A ordinary shares are held by Banyan Fund II directly. Banyan Associates II directly
holds 10,477,920 Class A ordinary shares. Banyan II GP is the general partner of Banyan Fund II and Banyan Associates II, and as such,
may exercise voting and dispositive power over the shares held by Banyan Fund II and Banyan Associates II. Banyan Fund III directly holds
9,752,833 Class A ordinary shares. Banyan Fund III-A directly holds 1,721,091 Class A ordinary shares. Banyan Associates III directly
holds 100,724 Class A ordinary shares. Banyan III GP is the general partner of Banyan Fund III, Banyan Fund III-A and Banyan Associates
III, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III, Banyan Fund III-A and Banyan Associates
III. (3) Banyan Fund II disclaims beneficial ownership over shares reported herein that are directly held by Banyan
Associates II, Banyan Fund III, Banyan Fund III-A and Banyan Associates III.

(4) Calculation is based on 5,057,542,676 Class A ordinary shares (being the only class of ordinary shares)
issued and outstanding as of February 28, 2022, as reported in the Issuer's annual report on Form 20-F filed with the Securities
and Exchange Commission on April 25, 2022 (the "Issuer's 20-F Filing"). There was no Class B ordinary share outstanding
as of February 28, 2022. Each Class A ordinary share is entitled to one vote. Accordingly, the Class A ordinary shares beneficially owned
by Banyan Fund II represent approximately 4.42% of the aggregate voting power of the total issued and outstanding ordinary shares of the
Issuer.

**CUSIP No. 722304102**

---

| | | |
|:---|:---|:---|
| 1. | Names of Reporting Persons<br> **Banyan Associates II, L.P.** | Names of Reporting Persons<br> **Banyan Associates II, L.P.** |
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) | Check the Appropriate Box if a Member of a Group (See Instructions) |
|  | (a) | ¨ |
|  | **(b)** | ⌧**(1)** |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br> **Cayman Islands** | Citizenship or Place of Organization<br> **Cayman Islands** |

---

---

| | | |
|:---|:---|:---|
| <br> Number<br> of Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 5. | Sole Voting Power <br> **0**<br>|
| <br> Number<br> of Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 6. | Shared Voting Power<br> **10,477,920 Class A ordinary shares (2)**<br>|
| <br> Number<br> of Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br> Number<br> of Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 8. | Shared Dispositive Power<br> **10,477,920 Class A ordinary shares (2)**<br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **10,477,920 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **0.21% of the total ordinary shares (4)** 

12. Type of Reporting Person (See Instructions) **PN** 

(1) This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim
status as a "group" for purposes of this Schedule 13G.

(2) Such 10,477,920 Class A ordinary shares are held by Banyan Associates II directly. Banyan Fund II directly
holds 223,575,744 Class A ordinary shares. Banyan II GP is the general partner of Banyan Fund II and Banyan Associates II, and as such,
may exercise voting and dispositive power over the shares held by Banyan Fund II and Banyan Associates II. Banyan Fund III directly holds
9,752,833 Class A ordinary shares. Banyan Fund III-A directly holds 1,721,091 Class A ordinary shares. Banyan Associates III directly
holds 100,724 Class A ordinary shares. Banyan III GP is the general partner of Banyan Fund III, Banyan Fund III-A and Banyan Associates
III, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III, Banyan Fund III-A and Banyan Associates
III. (3) Banyan Associates II disclaims beneficial ownership over shares reported herein that are directly held
by Banyan Fund II, Banyan Fund III, Banyan Fund III-A and Banyan Associates III.

(4) Calculation is based on 5,057,542,676 Class A ordinary shares (being the only class of ordinary shares)
issued and outstanding as of February 28, 2022, as reported in the Issuer's 20-F Filing. There was no Class B ordinary share outstanding
as of February 28, 2022. Each Class A ordinary share is entitled to one vote. Accordingly, the Class A ordinary shares beneficially owned
by Banyan Associates II represent approximately 0.21% of the aggregate voting power of the total issued and outstanding ordinary shares
of the Issuer.

**CUSIP No. 722304102**

1. Names of Reporting Persons **Banyan Partners Fund III, L.P.**

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ¨

**(b)** ⌧ **(1)** 

3. SEC Use Only

4. Citizenship or Place of Organization **Cayman Islands**

---

| | | |
|:---|:---|:---|
| <br> Number<br> of Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 5. | Sole Voting Power<br>**0**<br>|
| <br> Number<br> of Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 6. | Shared Voting Power<br> **9,752,833 Class A ordinary shares (2)** <br>|
| <br> Number<br> of Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br> Number<br> of Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 8. | Shared Dispositive Power<br> **9,752,833 Class A ordinary shares (2)** <br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **9,752,833 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **0.19% of the total ordinary shares (4)** 

12. Type of Reporting Person (See Instructions) **PN** 

(1) This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim
status as a "group" for purposes of this Schedule 13G.

(2) Such 9,752,833 Class A ordinary shares are held by Banyan Fund III directly. Banyan Fund III-A directly
holds 1,721,091 Class A ordinary shares, and Banyan Associates III directly holds 100,724 Class A ordinary shares. Banyan III GP is the
general partner of Banyan Fund III, Banyan Fund III-A and Banyan Associates III, and as such, may exercise voting and dispositive power
over the shares held by Banyan Fund III, Banyan Fund III-A and Banyan Associates III. Banyan Fund II directly holds 223,575,744 Class
A ordinary shares, and Banyan Associates II directly holds 10,477,920 Class A ordinary shares. Banyan II GP is the general partner of
Banyan Fund II and Banyan Associates II, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund II
and Banyan Associates II.

(3) Banyan Fund III disclaims beneficial ownership over shares reported herein that are directly held by Banyan
Fund II, Banyan Associates II, Banyan Fund III-A and Banyan Associates III.

(4) Calculation is based on 5,057,542,676 Class A ordinary shares (being the only class of ordinary shares)
issued and outstanding as of February 28, 2022, as reported in the Issuer's 20-F Filing. There was no Class B ordinary share outstanding
as of February 28, 2022. Each Class A ordinary share is entitled to one vote. Accordingly, the Class A ordinary shares beneficially owned
by Banyan Fund III represent approximately 0.19% of the aggregate voting power of the total issued and outstanding ordinary shares of
the Issuer.

**CUSIP No. 722304102**

1. Names of Reporting Persons **Banyan Partners Fund III-A, L.P.**

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ¨

**(b)** ⌧ **(1)** 

3. SEC Use Only

4. Citizenship or Place of Organization **Cayman Islands**

---

| | | |
|:---|:---|:---|
| <br>Number <br> of Shares <br> Beneficially<br> Owned <br> by Each <br> Reporting <br> Person With | 5. | Sole Voting Power<br> **0**<br>|
| <br>Number <br> of Shares <br> Beneficially<br> Owned <br> by Each <br> Reporting <br> Person With | 6. | Shared Voting Power<br> **1,721,091 Class A ordinary shares (2)** <br>|
| <br>Number <br> of Shares <br> Beneficially<br> Owned <br> by Each <br> Reporting <br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br>Number <br> of Shares <br> Beneficially<br> Owned <br> by Each <br> Reporting <br> Person With | 8. | Shared Dispositive Power<br> **1,721,091 Class A ordinary shares (2)** <br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **1,721,091 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **0.03% of the total ordinary shares (4)** 

12. Type of Reporting Person (See Instructions) **PN** 

(1) This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim
status as a "group" for purposes of this Schedule 13G.

(2) Such 1,721,091 Class A ordinary shares are held by Banyan Fund III-A directly. Banyan Fund III directly
holds 9,752,833 Class A ordinary shares, and Banyan Associates III directly holds 100,724 Class A ordinary shares. Banyan III GP is the
general partner of Banyan Fund III, Banyan Fund III-A and Banyan Associates III, and as such, may exercise voting and dispositive power
over the shares held by Banyan Fund III, Banyan Fund III-A and Banyan Associates III. Banyan Fund II directly holds 223,575,744 Class
A ordinary shares, and Banyan Associates II directly holds 10,477,920 Class A ordinary shares. Banyan II GP is the general partner of
Banyan Fund II and Banyan Associates II, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund II
and Banyan Associates II.

(3) Banyan Fund III-A disclaims beneficial ownership over shares reported herein that are directly held by
Banyan Fund II, Banyan Associates II, Banyan Fund III and Banyan Associates III.

(4) Calculation is based on 5,057,542,676 Class A ordinary shares (being the only class of ordinary shares)
issued and outstanding as of February 28, 2022, as reported in the Issuer's 20-F Filing. There was no Class B ordinary share outstanding
as of February 28, 2022. Each Class A ordinary share is entitled to one vote. Accordingly, the Class A ordinary shares beneficially owned
by Banyan Fund III-A represent approximately 0.03% of the aggregate voting power of the total issued and outstanding ordinary shares of
the Issuer.

**CUSIP No. 722304102**

---

| | | |
|:---|:---|:---|
| 1. | Names of Reporting Persons<br> **Banyan Associates III, L.P.** | Names of Reporting Persons<br> **Banyan Associates III, L.P.** |
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) | Check the Appropriate Box if a Member of a Group (See Instructions) |
|  | (a) | ¨ |
|  | **(b)** | ⌧**(1)** |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br> **Cayman Islands** | Citizenship or Place of Organization<br> **Cayman Islands** |

---

---

| | | |
|:---|:---|:---|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 5. | Sole Voting Power <br> **0** <br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 6. | Shared Voting Power<br> **100,724 Class A ordinary shares (2)**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 8. | Shared Dispositive Power<br> **100,724 Class A ordinary shares (2)** <br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **100,724 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **0.002% of the total ordinary shares (4)** 

12. Type of Reporting Person (See Instructions) **PN** 

(1) This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim
status as a "group" for purposes of this Schedule 13G.

(2) Such 100,724 Class A ordinary shares are held by Banyan Associates III directly. Banyan Fund III directly
holds 9,752,833 Class A ordinary shares, and Banyan Fund III-A directly holds 1,721,091 Class A ordinary shares. Banyan III GP is the
general partner of Banyan Fund III, Banyan Fund III-A and Banyan Associates III, and as such, may exercise voting and dispositive power
over the shares held by Banyan Fund III, Banyan Fund III-A and Banyan Associates III. Banyan Fund II directly holds 223,575,744 Class
A ordinary shares, and Banyan Associates II directly holds 10,477,920 Class A ordinary shares. Banyan II GP is the general partner of
Banyan Fund II and Banyan Associates II, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund II
and Banyan Associates II.

(3) Banyan Associates III disclaims beneficial ownership over shares reported herein that are directly held
by Banyan Fund II, Banyan Associates II, Banyan Fund III and Banyan Fund III-A.

(4) Calculation is based on 5,057,542,676 Class A ordinary shares (being the only class of ordinary shares)
issued and outstanding as of February 28, 2022, as reported in the Issuer's 20-F Filing. There was no Class B ordinary share outstanding
as of February 28, 2022. Each Class A ordinary share is entitled to one vote. Accordingly, the Class A ordinary shares beneficially owned
by Banyan Associates III represent approximately 0.002% of the aggregate voting power of the total issued and outstanding ordinary shares
of the Issuer.

**CUSIP No. 722304102**

1. Names of Reporting Persons **Banyan Partners II Ltd.**

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ¨

**(b)** ⌧ **(1)** 

3. SEC Use Only

4. Citizenship or Place of Organization **Cayman Islands**

---

| | | |
|:---|:---|:---|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 5. | Sole Voting Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 6. | Shared Voting Power<br> **234,053,664 Class A ordinary shares (2)**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 8. | Shared Dispositive Power<br> **234,053,664 Class A ordinary shares (2)**<br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **234,053,664 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **4.63% of the total ordinary shares (4)** 

12. Type of Reporting Person (See Instructions) **CO** 

(1) This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim
status as a "group" for purposes of this Schedule 13G.

(2) Consists of (i) 223,575,744 Class A ordinary shares held by Banyan Fund II directly, and (ii) 10,477,920
Class A ordinary shares held by Banyan Associates II directly. Banyan II GP is the general partner of Banyan Fund II and Banyan Associates
II, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund II and Banyan Associates II. Banyan Fund
III directly holds 9,752,833 Class A ordinary shares. Banyan Fund III-A directly holds 1,721,091 Class A ordinary shares. Banyan Associates
III directly holds 100,724 Class A ordinary shares. Banyan III GP is the general partner of Banyan Fund III, Banyan Fund III-A and Banyan
Associates III, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III, Banyan Fund III-A and
Banyan Associates III.

(3) Banyan II GP disclaims beneficial ownership over shares reported herein that are directly held by Banyan
Fund III, Banyan Fund III-A and Banyan Associates III.

(4) Calculation is based on 5,057,542,676 Class A ordinary shares (being the only class of ordinary shares)
issued and outstanding as of February 28, 2022, as reported in the Issuer's 20-F Filing. There was no Class B ordinary share outstanding
as of February 28, 2022. Each Class A ordinary share is entitled to one vote. Accordingly, the Class A ordinary shares beneficially owned
by Banyan II GP represent approximately 4.63% of the aggregate voting power of the total issued and outstanding ordinary shares of the
Issuer.

**CUSIP No. 722304102**

1. Names of Reporting Persons **Banyan Partners III Ltd.**

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ¨

**(b)** ⌧ **(1)** 

3. SEC Use Only

4. Citizenship or Place of Organization **Cayman Islands**

---

| | | |
|:---|:---|:---|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 5. | Sole Voting Power<br>**0** <br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 6. | Shared Voting Power<br> **11,574,648 Class A ordinary shares (2)** <br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned<br> by Each<br> Reporting<br> Person With | 8. | Shared Dispositive Power<br> **11,574,648 Class A ordinary shares (2)** <br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **11,574,648 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **0.23% of the total ordinary shares (4)** 

12. Type of Reporting Person (See Instructions) **CO** 

(1) This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim
status as a "group" for purposes of this Schedule 13G.

(2) Consists of (i) 9,752,833 Class A ordinary shares held by Banyan Fund III directly, (ii) 1,721,091 Class
A ordinary shares held by Banyan Fund III-A directly, and (iii) 100,724 Class A ordinary shares held by Banyan Associates III directly.
Banyan III GP is the general partner of Banyan Fund III, Banyan Fund III-A and Banyan Associates III, and as such, may exercise voting
and dispositive power over the shares held by Banyan Fund III, Banyan Fund III-A and Banyan Associates III. Banyan Fund II directly holds
223,575,744 Class A ordinary shares, and Banyan Associates II directly holds 10,477,920 Class A ordinary shares. Banyan II GP is the general
partner of Banyan Fund II and Banyan Associates II, and as such, may exercise voting and dispositive power over the shares held by Banyan
Fund II and Banyan Associates II.

(3) Banyan III GP disclaims beneficial ownership over shares reported herein that are directly held by Banyan
Fund II and Banyan Associates II.

(4) Calculation is based on 5,057,542,676 Class A ordinary shares (being the only class of ordinary shares)
issued and outstanding as of February 28, 2022, as reported in the Issuer's 20-F Filing. There was no Class B ordinary share outstanding
as of February 28, 2022. Each Class A ordinary share is entitled to one vote. Accordingly, the Class A ordinary shares beneficially owned
by Banyan III GP represent approximately 0.23% of the aggregate voting power of the total issued and outstanding ordinary shares of the
Issuer.

**CUSIP No. 722304102**

---

| | |
|:---|:---|
| **Item 1.** | **Item 1.** |
| (a) | Name of Issuer<br>Pinduoduo Inc. |
| (b) | Address of Issuer's Principal Executive Offices<br>28/F, No. 533 Loushanguan Road,<br> Changning District, Shanghai, 200051, People's Republic of China |
| **Item 2.** | **Item 2.** |
| (a) | Name of Person Filing<br>Banyan Partners Fund II, L.P. ("Banyan Fund II")<br> Banyan Associates II, L.P. ("Banyan Associates II")<br> Banyan Partners Fund III, L.P. ("Banyan Fund III")<br> Banyan Partners Fund III-A, L.P. ("Banyan Fund III-A")<br> Banyan Associates III, L.P. ("Banyan Associates III")<br> Banyan Partners II Ltd. ("Banyan II GP")<br> Banyan Partners III Ltd. ("Banyan III GP")  |
| (b) | Address of Principal Business Office or, if none, Residence<br>The address of each of Banyan Partners Fund II, L.P., Banyan Associates II, L.P., Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P., Banyan Associates III, L.P., Banyan Partners II Ltd. and Banyan Partners III Ltd. is:<br> c/o Walkers Corporate Limited<br> 190 Elgin Avenue<br> George Town<br> Grand Cayman, KY1-9008<br> Cayman Islands |
| (c) | Citizenship<br>Banyan Partners Fund II, L.P.: Cayman Islands<br> Banyan Associates II, L.P.: Cayman Islands<br> Banyan Partners Fund III, L.P.: Cayman Islands<br> Banyan Partners Fund III-A, L.P.: Cayman Islands<br> Banyan Associates III, L.P.: Cayman Islands<br> Banyan Partners II Ltd.: Cayman Islands<br> Banyan Partners III Ltd.: Cayman Islands  |
| (d) | Title of Class of Securities<br>Class A Ordinary Shares, par value US$0.000005 per share  |
| (e) | CUSIP Number<br>**722304102** |

---

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| | |
|:---|:---|
| **Item 3.** | **If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:** |
| Not applicable. | Not applicable. |

---

**Item 4.** **Ownership**

The following information with respect to the ownership of Class A ordinary shares by the Reporting Persons filing this statement on Schedule 13G is provided as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Reporting Persons | &nbsp;&nbsp;Ordinary Shares Held Directly (1) | &nbsp;&nbsp;Shared Voting<br> Power (1) | &nbsp;&nbsp;Shared Dispositive Power (1) | &nbsp;&nbsp;Beneficial Ownership (1) | &nbsp;&nbsp; Percentage<br> of Class A Ordinary Shares (1)(4) | &nbsp;&nbsp;Percentage of Total Ordinary Shares (1)(4) | &nbsp;&nbsp;Percentage of the Aggregate Voting Power (1)(4) |
| &nbsp;&nbsp;Banyan Partners Fund II, L.P. | &nbsp;&nbsp;223575744 | &nbsp;&nbsp;223575744 | &nbsp;&nbsp;223575744 | &nbsp;&nbsp;223575744 | &nbsp;&nbsp;4.42% | &nbsp;&nbsp;4.42% | &nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;Banyan Associates II, L.P. | &nbsp;&nbsp;10477920 | &nbsp;&nbsp;10477920 | &nbsp;&nbsp;10477920 | &nbsp;&nbsp;10477920 | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;Banyan Partners Fund III, L.P. | &nbsp;&nbsp;9752833 | &nbsp;&nbsp;9752833 | &nbsp;&nbsp;9752833 | &nbsp;&nbsp;9752833 | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| &nbsp;&nbsp;Banyan Partners Fund III-A, L.P. | &nbsp;&nbsp;1721091 | &nbsp;&nbsp;1721091 | &nbsp;&nbsp;1721091 | &nbsp;&nbsp;1721091 | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;Banyan Associates III, L.P. | &nbsp;&nbsp;100724 | &nbsp;&nbsp;100724 | &nbsp;&nbsp;100724 | &nbsp;&nbsp;100724 | &nbsp;&nbsp;0.002% | &nbsp;&nbsp;0.002% | &nbsp;&nbsp;0.002% |
| &nbsp;&nbsp;Banyan Partners II Ltd. (2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;234053664 | &nbsp;&nbsp;234053664 | &nbsp;&nbsp;234053664 | &nbsp;&nbsp;4.63% | &nbsp;&nbsp;4.63% | &nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;Banyan Partners III Ltd. (3) | &nbsp;&nbsp;0 | &nbsp;&nbsp;11574648 | &nbsp;&nbsp;11574648 | &nbsp;&nbsp;11574648 | &nbsp;&nbsp;0.23% | &nbsp;&nbsp;0.23% | &nbsp;&nbsp;0.23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the number of shares beneficially owned by the Reporting
Persons as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Banyan Partners II Ltd. is the general partner of Banyan Partners Fund II, L.P. and Banyan Associates
II, L.P., and as such, may exercise voting and dispositive power over the shares held by Banyan Partners Fund II, L.P. and Banyan Associates
II, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Banyan Partners III Ltd. is the general partner of Banyan Partners Fund III, L.P., Banyan Partners
Fund III-A, L.P. and Banyan Associates III, L.P., and as such, may exercise voting and dispositive power over the shares held by Banyan
Partners Fund III, L.P., Banyan Partners Fund III-A, L.P. and Banyan Associates III, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Reporting Persons in the aggregate beneficially own 4.86% of the outstanding Class A ordinary shares,
4.86% of the total outstanding ordinary shares and 4.86% of the aggregate voting power. The Reporting Persons expressly disclaim status
as a "group" for purposes of this Schedule 13G. In addition, Banyan Partners Fund II, L.P. disclaims beneficial ownership
over the shares reported herein directly held by Banyan Associates II, L.P., Banyan Partners Fund III, L.P., Banyan Partners Fund III-A,
L.P. and Banyan Associates III, L.P. Banyan Associates II, L.P. disclaims beneficial ownership over the shares reported herein directly
held by Banyan Partners Fund II, L.P., Banyan Partners Fund III, L.P., Banyan Partners Fund III-A and Banyan Associates III, L.P. Banyan
Partners Fund III, L.P. disclaims beneficial ownership over the shares reported herein directly held by Banyan Partners Fund II, L.P.,
Banyan Associates II, L.P., Banyan Partners Fund III-A, L.P. and Banyan Associates III, L.P. Banyan Partners Fund III-A, L.P. disclaims
beneficial ownership over the shares reported herein directly held by Banyan Partners Fund II, L.P., Banyan Associates II, L.P., Banyan
Partners Fund III, L.P. and Banyan Associates III, L.P. Banyan Associates III, L.P. disclaims beneficial ownership over the shares reported
herein directly held by Banyan Partners Fund II, L.P., Banyan Associates II, L.P., Banyan Partners Fund III and Banyan Partners Fund III-A,
L.P. Each of the Reporting Persons may be deemed to beneficially own the percentage of Class A ordinary shares and the percentage of total
ordinary shares listed above which is calculated based on 5,057,542,676 Class A ordinary shares (being the only class of ordinary shares)
issued and outstanding as of February 28, 2022, as reported in the Issuer's 20-F Filing. There was no Class B ordinary share outstanding
as of February 28, 2022. Each Class A ordinary share is entitled to one vote. Accordingly, and based on the foregoing, each of the Reporting
Persons may be deemed to beneficially own the percentage of the aggregate voting power of the total issued and outstanding ordinary shares
of the Issuer listed above. Each Class A ordinary share has a par value of US$0.000005.

---

| | |
|:---|:---|
| **Item 5.** | **Ownership of Five Percent or Less of a Class** |
| If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ⌧. | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ⌧. |
| **Item 6.** | **Ownership of More than Five Percent on Behalf of Another Person** |
| Not applicable. | Not applicable. |
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person** |
| Not applicable. | Not applicable. |
| **Item 8.** | **Identification and Classification of Members of the Group** |
| Not applicable. | Not applicable. |
| **Item 9.** | **Notice of Dissolution of Group** |
| Not applicable. | Not applicable. |
| **Item 10.** | **Certification** |
| Not applicable. | Not applicable. |

---

**Exhibits:**

---

| | |
|:---|:---|
| [Exhibit I:](tm236107d4_ex-1.htm) | [Joint Filing Agreement by and among Banyan Partners Fund II, L.P., Banyan Associates II, L.P., Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P., Banyan Associates III, L.P., Banyan Partners II Ltd., and Banyan Partners III Ltd.](tm236107d4_ex-1.htm) |

---

**SIGNATURES**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 13, 2023

**Banyan Partners Fund II, L.P.** 

---

| | |
|:---|:---|
| By: | Banyan Partners II Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Associates II, L.P.**

---

| | |
|:---|:---|
| By: | Banyan Partners II Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners Fund III, L.P.** 

---

| | |
|:---|:---|
| By: | Banyan Partners III Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners Fund III-A, L.P.**

---

| | |
|:---|:---|
| By: | Banyan Partners III Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Associates III, L.P.**

---

| | |
|:---|:---|
| By: | Banyan Partners III Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners II Ltd.**

---

| | |
|:---|:---|
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners III Ltd.**

---

| | |
|:---|:---|
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

## Exhibit 99.1

**EXHIBIT I**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13G referred to below) on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Class A ordinary shares of Pinduoduo Inc., and that this Agreement may be included as an exhibit to such joint filing. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

Dated: February 13, 2023

**Banyan Partners Fund II, L.P.** 

---

| | |
|:---|:---|
| By: | Banyan Partners II Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Associates II, L.P.**

---

| | |
|:---|:---|
| By: | Banyan Partners II Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners Fund III, L.P.** 

---

| | |
|:---|:---|
| By: | Banyan Partners III Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners Fund III-A, L.P.**

---

| | |
|:---|:---|
| By: | Banyan Partners III Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Associates III, L.P.**

---

| | |
|:---|:---|
| By: | Banyan Partners III Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners II Ltd.**

---

| | |
|:---|:---|
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners III Ltd.**

---

| | |
|:---|:---|
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---