NetEase

china, corporate-treasury, active

Quarters 16

2026-03-31 $934.5M

Positions 2

2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30

Quarter Analysis

13F change notes for NetEase in 2026-03-31.

NetEase's corporate treasury 13F remains the most concentrated book on the watchlist: just 2 positions, 97% in PDD Holdings + 3% in Youdao (NetEase's own listed affiliate). This quarter PDD shares +149%, doubling the dollar position from $0.43B to $0.93B at -3% unrealized. This is an operating-company treasury making a very large directional bet on its own e-commerce peer — unusual for a corporate filer, and a real-money read on how China's #2 internet group views PDD.

▲ ADDED
PDD HOLDINGS INC PDD
Shares +149% — NetEase aggressively scaling its concentrated PDD bet to 97% of book. The size of the add (~$500M increment) is meaningful for a corporate treasury.
★ HELD
YOUDAO INC DAO
16 quarters held flat in shares — strategic stake in NetEase's own listed online-education subsidiary. Weight slipped as PDD grew.
◐ CONCENTRATION

Top-3 weight stays at 100% because there are only 2 positions. The PDD vs Youdao split is the only thing changing quarter to quarter — and PDD is now ~32x bigger by dollar value.
• CONTEXT

Cross-fund signal: HHLR (Zhang Lei) is CUTTING PDD by 61% the same quarter NetEase is ADDING +149%. Same name, opposite directions at top China managers.