Chinese internet and online gaming giant NetEase Inc. maintained an unchanged portfolio of U.S.-listed equities valued at $789.52 million at the end of the third quarter, relying entirely on share price appreciation to lift the value of its concentrated holdings, according to a regulatory filing submitted this week.
In its Form 13F-HR quarterly holdings report accepted by the U.S. Securities and Exchange Commission on Thursday, Nov. 12, 2026, NetEase disclosed two equity positions with an exact aggregate market value of $789,520,590 as of Sept. 30, 2026. The filing, registered under file number 028-22646 and signed in Hong Kong by NetEase Chief Executive Officer William Lei Ding, reported sole voting and investment discretion over all shares and listed no other included investment managers.
The third-quarter total represents an increase of $24,140,492, or 3.15%, compared with the $765,380,098 portfolio value reported in the company's second-quarter filing on Aug. 13, 2026. Because NetEase neither bought nor sold any shares in either position between June 30 and Sept. 30, the entire quarterly gain stemmed from mark-to-market price increases across both holdings.
E-commerce conglomerate PDD Holdings Inc., parent company of domestic shopping platform Pinduoduo and international marketplace Temu, continued to anchor NetEase's U.S. investment book. NetEase held 9,566,480 sponsored American depositary shares of PDD Holdings at the end of September, valued at $745,611,451 based on PDD's Sept. 30 closing price of $77.94 per share. The stake accounted for 94.44% of NetEase's reported Section 13(f) portfolio and gained $15,880,357 in market value during the quarter, up 2.18% from $729,731,094 at the end of June.
NetEase's only other reported U.S. equity holding was its majority-owned intelligent learning subsidiary, Youdao Inc. The company held 2,898,293 sponsored American depositary shares of Youdao valued at $43,909,139 based on the stock's Sept. 30 closing price of $15.15, representing 5.56% of the overall portfolio. Youdao delivered the stronger percentage growth during the period, rising $8,260,135, or 23.17%, from its second-quarter valuation of $35,649,004.
Under Section 13(f) of the Securities Exchange Act of 1934, institutional investment managers exercising investment discretion over at least $100 million in qualifying U.S.-traded equity securities must disclose their quarter-end holdings within 45 days after the close of each calendar quarter. While Form 13F filings offer a snapshot of U.S.-listed equity positions, they exclude cash reserves, fixed-income instruments, private equity investments, and securities listed on non-U.S. exchanges such as Hong Kong.
For NetEase, whose core business revolves around mobile and PC video game development, music streaming, and online education, the disciplined two-stock portfolio underscores a conservative treasury allocation strategy focused on a single external Chinese technology peer alongside its own publicly traded subsidiary. Both NetEase and Youdao are scheduled to release their full third-quarter 2026 financial results on Nov. 19, 2026.
