SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

o

Rule 13d-1(b)

o

Rule 13d-1(c)

x

Rule 13d-1(d)

1

Name of Reporting Person
Zheng Huang

2

Check the Appropriate Box if a Member of a Group

(a)

¨

(b)

¨

3

SEC Use Only

4

Citizenship or Place of Organization
the People’s Republic of China

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5

Sole Voting Power
1,409,744,080(1)

6

Shared Voting Power
0

7

Sole Dispositive Power
1,409,744,080(1)

8

Shared Dispositive Power
0

9

Aggregate Amount Beneficially Owned by Each Reporting Person
1,409,744,080(1)

10

Check if the Aggregate Amount in Row (9) Excludes Certain Shares  o

11

Percent of Class Represented by Amount in Row 9
29.4%(2)

12

Type of Reporting Person
IN

1

Name of Reporting Person
Steam Water Limited

2

Check the Appropriate Box if a Member of a Group

(a)

¨

(b)

¨

3

SEC Use Only

4

Citizenship or Place of Organization
the British Virgin Islands

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5

Sole Voting Power
1,409,744,080(3)

6

Shared Voting Power
0

7

Sole Dispositive Power
1,409,744,080(3)

8

Shared Dispositive Power
0

9

Aggregate Amount Beneficially Owned by Each Reporting Person
1,409,744,080(3)

10

Check if the Aggregate Amount in Row (9) Excludes Certain Shares  o

11

Percent of Class Represented by Amount in Row 9
29.4%(4)

12

Type of Reporting Person
CO

1

Name of Reporting Person
Walnut Street Investment, Ltd.

2

Check the Appropriate Box if a Member of a Group

(a)

¨

(b)

¨

3

SEC Use Only

4

Citizenship or Place of Organization
the British Virgin Islands

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5

Sole Voting Power
1,134,932,140

6

Shared Voting Power
0

7

Sole Dispositive Power
1,134,932,140

8

Shared Dispositive Power
0

9

Aggregate Amount Beneficially Owned by Each Reporting Person
1,134,932,140

10

Check if the Aggregate Amount in Row (9) Excludes Certain Shares  o

11

Percent of Class Represented by Amount in Row 9
23.7%(5)

12

Type of Reporting Person
CO

1

Name of Reporting Person
Walnut Street Management, Ltd.

2

Check the Appropriate Box if a Member of a Group

(a)

¨

(b)

¨

3

SEC Use Only

4

Citizenship or Place of Organization
the British Virgin Islands

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5

Sole Voting Power
274,811,940

6

Shared Voting Power
0

7

Sole Dispositive Power
274,811,940

8

Shared Dispositive Power
0

9

Aggregate Amount Beneficially Owned by Each Reporting Person
274,811,940

10

Check if the Aggregate Amount in Row (9) Excludes Certain Shares  o

11

Percent of Class Represented by Amount in Row 9
5.7%(6)

12

Type of Reporting Person
CO

Item 1(a).

Name of Issuer:
Pinduoduo Inc. (the “Issuer”)

Item 1(b).

Address of Issuer’s Principal Executive Offices:
28/F, No. 533 Loushanguan Road, Changning District, Shanghai, the People’s Republic of China

Item 2(a).

Name of Person Filing:
(i) Zheng Huang;

(ii) Steam Water Limited;

(iii) Walnut Street Investment, Ltd.; and

(iv) Walnut Street Management, Ltd. (collectively, the “Reporting Persons”)

Item 2(b).

Address of Principal Business Office or, if none, Residence:
For Zheng Huang
28/F, No. 533 Loushanguan Road, Changning District
Shanghai, the People’s Republic of China

For Steam Water Limited
Ritter House, Wickhams Cay II
Road Town, Tortola
The British Virgin Islands

For Walnut Street Investment, Ltd. and Walnut Street Management, Ltd.
Trinity Chambers, P.O. Box 4301
Road Town, Tortola
The British Virgin Islands

Item 2(c)

Citizenship:
Zheng Huang — the People’s Republic of China
Steam Water Limited — the British Virgin Islands

Walnut Street Investment, Ltd. — the British Virgin Islands
Walnut Street Management, Ltd. — the British Virgin Islands

Item 2(d).

Title of Class of Securities:
Class A ordinary shares, $0.000005 par value per share, of the Issuer

The Issuer’s ordinary shares consist of Class A ordinary shares and Class B ordinary shares. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to ten votes per share, subject to certain conditions, on all matters submitted to them for vote. Class B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a one-for-one basis. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

Item 2(e).

CUSIP Number:
722304 102

This CUSIP number applies to the American depositary shares of the Issuer, each representing four Class A ordinary shares of the Issuer. No CUSIP has been assigned to the Issuer’s Class A ordinary shares.

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the persons filing is a:

Not applicable.

Item 4.

Ownership:

Reporting Person

Amount 
beneficially 
owned:

Percent 
of class:

Percent of 
aggregate 
voting 
power:

Sole power to 
vote or 
direct
the vote:

Shared power 
to vote or to 
direct the vote:

Sole power to 
dispose or to 
direct the 
disposition of:

Shared power 
to dispose or 
to direct the 
disposition of:

Zheng Huang

1,409,744,080

29.4

%

80.7

%

1,409,744,080

0

1,409,744,080

0

Steam Water Limited

1,409,744,080

29.4

%

80.7

%

1,409,744,080

0

1,409,744,080

0

Walnut Street Investment, Ltd.

1,134,932,140

23.7

%

64.9

%

1,134,932,140

0

1,134,932,140

0

Walnut Street Management, Ltd.

274,811,940

5.7

%

15.7

%

274,811,940

0

274,811,940

0

Item 5.

Ownership of Five Percent or Less of a Class:

Not applicable.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person:

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Controlling Person:

Not applicable.

Item 8.

Identification and Classification of Members of the Group:

Not applicable.

Item 9.

Notice of Dissolution of Group:

Not applicable.

Item 10.

Certifications:

Not applicable.

Exhibit No.

Description

A

Joint Filing Agreement (incorporated by reference to Exhibit 99.A of the Schedule 13G filed with the Securities and Exchange Commission by the Reporting Persons with respect to the Issuer on February 13, 2019)

ZHENG HUANG

/s/ Zheng Huang

Steam Water Limited

By:

/s/ Rustem Limited

Name:

Rustem Limited

Title:

Director

Walnut Street Investment, Ltd.

By:

/s/ Zheng Huang

Name:

Zheng Huang

Title:

Authorized Signatory

Walnut Street Management, Ltd.

By:

/s/ Zheng Huang

Name:

Zheng Huang

Title:

Authorized Signatory