[POP MART] POP MART fell below the 200 yuan mark and hit a six-month low this morning. Two options to watch: buy 22064/bear 64746

After Pop Mart fell below the 200 yuan mark yesterday, its stock price dropped nearly 1% again this morning, reaching a six-month low. Recently, several major banks have been pessimistic about Pop Mart's prospects, predicting that the Labubu craze will fade. If there are no new popular IPs to take its place, future revenue may decrease by 20%. They believe that Pop Mart's growth is transitioning from "explosive" to "sustainable," but the previous base increase limits future growth potential. If you are bearish, you can refer to the bear certificate (64746), with a redemption price of 230 yuan, close to the 50-day moving average, expiring in August 2028, with an actual leverage of 4.4 times. Conversely, if you believe that the stock price has fallen for the third consecutive day, with a cumulative decline of 14%, and the drop is too rapid, you can pay attention to the call option (22064) for Pop Mart, with an exercise price of 259.92 yuan, expiring in May 2026, with an actual leverage of 5.4 times. Disclaimer This structured product is not secured. If the issuer is unable to repay or defaults, investors may not recover part or all of the receivables. This article is issued by HSBC Hong Kong Shanghai Banking Corporation Limited ("the Bank" or "the Issuer") (including any reference terms) for reference only and does not constitute an invitation, solicitation, or recommendation to sell or purchase structured products. Structured products are complex products, and investors must exercise caution. Unless investors fully understand and are willing to bear the risks involved, they should not invest in this product. The prices of structured products can rise or fall sharply, and investors may lose all or most of their investment. Past performance does not reflect future performance. Investors should understand the nature and risks of structured products before investing and carefully read the relevant offering documents to independently determine whether it is suitable for them. The Bank and its appointed liquidity providers may be the only market participants for structured products, and the secondary market for structured products may be limited. Please note that bull and bear certificates have a mandatory redemption mechanism, which may lead to early termination. In this case, (i) investors in type N bull and bear certificates will lose their entire investment in the certificates; and (ii) the remaining value of type R bull and bear certificates may be zero. Trading structured products linked to U.S. indices may carry additional risks, including: (a) risks related to differences in trading days and trading hours; (b) less public information available regarding the index, or no Chinese version provided; (c) political and economic risks related to the index (e.g., the U.S.); (d) exchange rate risks; (e) potential settlement delays; (f) announcement of index levels when there is no trading in the constituent stocks; and (g) mandatory redemption events for U.S. index bull and bear certificates occurring during non-trading hours. The author is a licensed person under the Monetary Authority and the Securities and Futures Commission and does not hold any direct or indirect interests in structured products or related assets. Information / Use Unless otherwise specified, the information in this article is provided by the Bank for Hong Kong residents ("Hong Kong Residents") regarding financial, market, or other information and data ("Information"). Non-Hong Kong residents should not rely on or make any decisions based on the information in this article. If you are not a Hong Kong resident and use this article, you may violate the laws applicable to you. The Bank and all HSBC Group companies shall not be liable for any and all responsibilities arising from your use of this article as a non-Hong Kong resident "Hongkong and Shanghai Banking Corporation" refers to HSBC Holdings plc and any subsidiaries or affiliated companies