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Youdao Inc. (DAO)

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Institutional Investors' Holdings

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No.	Name	Shares	Value	% Port
1.	Netease, Inc.	2,898,293	$22,113,976	100%
2.	Vanguard Group Inc	1,002,160	$7,646,481	0%
3.	Compagnie Lombard Odier Scma	2,000	$15,260	0%
4.	Rhumbline Advisers	550	$4,195	0%
5.	Pnc Financial Services Group, Inc.	88	$671	0%