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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.	Susquehanna International Group, LlpCALL	294,300	$2,245,509	0%
4.	Connor, Clark & Lunn Investment Management Ltd.	137,456	$1,048,789	0%
5.	Bank Of America Corp	111,491	$850,676	0%