---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39722861.md"
description: "$XIAOMI-W(01810.HK)$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."
datetime: "2026-04-05T07:33:22.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39722861.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39722861.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39722861.md)
author: "[钢铁纪律](https://longbridge.com/en/profiles/13301109.md)"
---

# $XIAOMI-W(01810.HK)$BABA-W(09988.HK)$POP MART(0999…


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## Comments (16)

- **陈浩南 · 2026-04-06T09:05:23.000Z**: I am almost fully invested in Hong Kong stocks, and the 2026 return is still 18%.
  - **钢铁纪律** (2026-04-06T09:07:41.000Z): What a talent, Brother Ho Nam
- **我要赚100万美刀 · 2026-04-05T11:09:29.000Z**: I bought at 128, and the loss on the 500 shares is almost as much as yours.
  - **钢铁纪律** (2026-04-05T13:17:33.000Z): No way, my cost is 138... how is this possible
- **Freeman_AA · 2026-04-05T10:56:53.000Z**: Just 100 shares, no margin call top-up, holding on to get rich slowly 😂
  - **钢铁纪律** (2026-04-05T13:17:16.000Z): Don't average down
- **FreeBird2025 · 2026-04-05T09:30:52.000Z**: I've already lost 4K on PDD, did I say anything?
  - **钢铁纪律** (2026-04-05T09:43:02.000Z): You're talking about U.S.-listed Chinese stocks, but I'm criticizing Hong Kong stocks. We're not in the same market.
  - **钢铁纪律** (2026-04-05T09:43:32.000Z): If I didn't have RMB and couldn't manage my finances, I would never touch Hong Kong stocks even if I died.
  - **FreeBird2025** (2026-04-05T09:45:49.000Z): I bought Kuaishou too, and I'm down 20%.
- **Lucky2026 · 2026-04-05T07:54:01.000Z**: Alibaba has already fallen by more than 50%, I wonder if it can stop falling now🗑️
  - **钢铁纪律** (2026-04-05T08:44:42.000Z): Anyway, holding on for dear life…