$XIAOMI-W(01810.HK)$BABA-W(09988.HK)$POP MART(09992.HK)

In the Hong Kong stock market, 80% of bull stocks will drop 50% after their peak, and 50% of bull stocks will drop 80% after their zenith.

Only those who play the Hong Kong market know the pain.

I hold 500 shares of Alibaba-W and have already lost 10,000. My cost basis is 138.5. I originally just bought 100 shares to play around, then tried to bottom-fish at over 140. But it kept falling every day, so I averaged down at 130, 120, over 110... the losses just kept piling up.

I consider myself a technical trader and have some experience in stock picking. Yet, I've never made any decent money in Hong Kong stocks... only the memory of losses.

I've even made money in A-shares, for god's sake, but not in Hong Kong stocks.

I totally understand those who got trapped with BABA at a cost of 170, Xiaomi all the way down from 50-60, and PPMT all the way down from 300. Not to mention Kuaishou, Tencent, SMIC, Meituan... all bagholders. They only know how to order takeout...

There are plenty who've lost the equivalent of a down payment on a house.

So I don't know what many people were basing their bullishness on Hong Kong stocks half a year ago. This market is inherently flawed. It's too heavily influenced by international markets and has to bear the financing needs of mainland companies.

These stocks can only be traded short-term, forget about value investing. Just speculate during the right cycles. If I hear another V talking about value investing, I'm going to mute them...

With that effort, you'd be better off speculating on MINIMMAX than playing these old, tired stocks... damn.