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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	$21,447,368	100%
2.	Vanguard Group Inc	1,057,619	$7,826,381	0%
3.	Norges Bank	96,600	$714,840	0%
4.	Connor, Clark & Lunn Investment Management Ltd.	74,888	$554,171	0%
5.	Susquehanna International Group, LlpCALL	59,900	$443,260	0%