---
title: "Has Duan Yongping bought Pop Mart or not?"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39749995.md"
description: "The Hong Kong stock market opens tomorrow, and I believe many people are eagerly anticipating Pop Mart. In recent days, Duan Yongping has expressed many bullish views on Pop Mart. Trusting the big boss's perspective has given many investors confidence. However, when it comes to specific holdings, Duan Yongping said, "I didn't say I didn't buy, and I didn't say I did." Readers familiar with selling puts should understand what he means. Duan Yongping is most likely using the method of selling put options to gradually build a position in Pop Mart. After the sell put expires, if the stock price falls below the strike price, he must buy the underlying stock. If it doesn't fall below the strike price, it's treated as a financial product..."
datetime: "2026-04-07T15:56:44.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39749995.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39749995.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39749995.md)
author: "[林氪](https://longbridge.com/en/profiles/7312377.md)"
---

# Has Duan Yongping bought Pop Mart or not?

Tomorrow, the Hong Kong stock market opens, and I believe many people are looking forward to Pop Mart.

Because in recent days, Duan Yongping has expressed many bullish views on Pop Mart. Believing in the big boss's perspective has given many investors confidence.

However, when it comes to specific holdings, **Duan Yongping said, "I didn't say I didn't buy, and I didn't say I did either."**

![image](https://imageproxy.pbkrs.com/https://mmbiz.qpic.cn/sz_mmbiz_jpg/1I8mmgmSWSylAV6MrSIQcABKibdDL2vj2umD5heEXCROrmfEztdicVUhz6oNPeB2EiaWG5DFBLabcyPnKQdgXISntMs6sHaF7ayiaRJWj8ic0dgE/640/query-dHA9d2VicCZ3eF9mbXQ9anBlZyZ3eF9sYXp5PTEmd3hmcm9tPTU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

Readers who understand sell put should be able to grasp his meaning.

**Duan Yongping is most likely using the method of selling put options to gradually build a position in Pop Mart.**

After the sell put expires, if the stock price falls below the strike price, one must buy the underlying stock. If it doesn't fall below the strike price, it's treated like a wealth management product.

Before the final outcome is known, it's indeed not a certain result.

**But since the goal is to first buy enough quantity, and where there's a will there's a way, this is definitely aimed at acquiring the underlying stock.**

![image](https://imageproxy.pbkrs.com/https://mmbiz.qpic.cn/sz_mmbiz_jpg/1I8mmgmSWSybcGibHOGcYOaApkAP38njtr4Mu3Ly8bxwBr74gmLgtvkGDg0LctpneHCuYMVhjeDqTxc3Bia9ryHicMnXC2yoz0ASP7ZsKdTVJ0/640/query-dHA9d2VicCZ3eF9mbXQ9anBlZyZ3eF9sYXp5PTEmd3hmcm9tPTU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

I've written several articles about Duan Yongping and Pop Mart before, and it's clear that he truly admires Wang Ning.

![image](https://imageproxy.pbkrs.com/https://mmbiz.qpic.cn/sz_mmbiz_jpg/1I8mmgmSWSxCWzmcw6DzXdOA0NJbicwx65N4NwFwKekwHnkx5Lwo5GMGm6x4QHunUYIhLdABgorCVRuqzM4GVNYAiaqyNlGFE1EZONDY6MPfI/640/query-dHA9d2VicCZ3eF9mbXQ9anBlZyZ3eF9sYXp5PTEmd3hmcm9tPTU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

And he is indeed very focused on this company.

![image](https://imageproxy.pbkrs.com/https://mmbiz.qpic.cn/mmbiz_jpg/1I8mmgmSWSwKt22mSLibMuH9Nf1NQkLXvyHjDhFQmH7jWicwnPEzd2Har7tzYsOtpjJRiaE8Yoj4U6TTAwfp9zdCa5WPibVictuKHlBST0xOOhds/640/query-dHA9d2VicCZ3eF9mbXQ9anBlZyZ3eF9sYXp5PTEmd3hmcm9tPTU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

However, regarding investment, he has always held reservations.

Because he has also stated that it's difficult to understand Pop Mart's business model and figure out its future discounted cash flow. If you don't understand it, don't invest; don't worry about missing opportunities.

But obviously, right people—the charm of Wang Ning and the team itself.

And right price—Pop Mart's stock price has cumulatively fallen over 30% since the recent earnings report conference.

Ultimately prompted Duan Yongping to make up his mind and want to invest in this company.

**His exact words were: "right business, right people! right price is very important and uncommon, but it seems we've seen it again."**

![image](https://imageproxy.pbkrs.com/https://mmbiz.qpic.cn/sz_mmbiz_jpg/1I8mmgmSWSxx0vBibYEwiaMlicqDMYNRAHF5GkNu2M3rxF87FHNm8J988YsRktcoFx3ZhndCWqG300qyUgPg2vJNT2qhsjXE1Uqml4qOIQLsBo/640/query-dHA9d2VicCZ3eF9mbXQ9anBlZyZ3eF9sYXp5PTEmd3hmcm9tPTU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

But no matter what, right business is always the prerequisite for investment.

Regarding right business, Duan Yongping has new views on Pop Mart.

1\. Acknowledges the emotional value of Pop Mart's products, somewhat like clothes in a game without any added attributes.

(Thinking of Honor of Kings skins, selling 200 million in one day)

2\. Believes Pop Mart should follow the examples of Berkshire Hathaway, NetEase, Pinduoduo... never give forecasts, because it's meaningless but will eventually come at a cost.

(This earnings report missing expectations and the 30% drop is a very typical cost)

3\. Pop Mart reminds Duan Yongping of the game Fantasy Westward Journey. Those who like it just do, they don't need those who don't like it to understand, and others can't anyway.

(Fantasy Westward Journey started open beta in 2003, it's been 23 years)

4\. Duan Yongping believes Wang Ning's understanding of business is top-tier, but that doesn't mean Pop Mart's business model is top-tier. He believes Pop Mart has already validated its business model, and in the long run, its business model should be quite good.

(Here I think Wang Ning's own positioning for Pop Mart is as a global IP operation platform. It should be this desire to build a platform that corresponds to Duan Yongping's praise. It's a bit like Apple's most valuable asset being its number of active iCloud accounts. Only by building a platform can network effects be maximized to achieve a snowballing result.

But Pop Mart is still some distance away from being this global IP operation platform, hence the business model isn't top-tier.)

![image](https://imageproxy.pbkrs.com/https://mmbiz.qpic.cn/mmbiz_png/1I8mmgmSWSyl9AWNNBHdB8pAZcmwRaD7kwdpwrWuyG1Lq6wRUd9icT8UL8xvKjicuzg5garro0wEPP4X3yvXziaKJSm9ECfEFbWsA3O1JqN9Io/640/query-ZnJvbT1hcHBtc2cmdHA9d2VicCZ3eF9mbXQ9cG5nJnd4X2xhenk9MSZ3eGZyb209NQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

5\. Is not worried about Labubu's currently high proportion. Believes that even without Labubu, Wang Ning would still make this company successful.

(Even the most powerful company, if you remove its flagship product—like Moutai removing Feitian 53°—looking at the result in comparison, Pop Mart indeed doesn't need to worry too much.)

$POP MART(09992.HK)

### Related Stocks

- [603020.CN](https://longbridge.com/en/quote/603020.CN.md)
- [PDD.US](https://longbridge.com/en/quote/PDD.US.md)
- [09992.HK](https://longbridge.com/en/quote/09992.HK.md)
- [600519.CN](https://longbridge.com/en/quote/600519.CN.md)
- [BRK.B.US](https://longbridge.com/en/quote/BRK.B.US.md)
- [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md)
- [09999.HK](https://longbridge.com/en/quote/09999.HK.md)
- [09899.HK](https://longbridge.com/en/quote/09899.HK.md)
- [BRK.A.US](https://longbridge.com/en/quote/BRK.A.US.md)
- [NTES.US](https://longbridge.com/en/quote/NTES.US.md)
- [AAPB.US](https://longbridge.com/en/quote/AAPB.US.md)
- [AAPD.US](https://longbridge.com/en/quote/AAPD.US.md)
- [AAPU.US](https://longbridge.com/en/quote/AAPU.US.md)
- [AAPX.US](https://longbridge.com/en/quote/AAPX.US.md)
- [AAPY.US](https://longbridge.com/en/quote/AAPY.US.md)
- [APLY.US](https://longbridge.com/en/quote/APLY.US.md)
- [07777.HK](https://longbridge.com/en/quote/07777.HK.md)
- [00700.HK](https://longbridge.com/en/quote/00700.HK.md)
- [80700.HK](https://longbridge.com/en/quote/80700.HK.md)
- [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md)
- [HPPD.SG](https://longbridge.com/en/quote/HPPD.SG.md)
- [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md)
- [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md)

## Comments (3)

- **离岸股息穿透回报率 · 2026-04-08T01:20:59.000Z · 👍 1**: With the big players moving hundreds of billions, the liquidity of Hong Kong stock puts is so poor, don't be ridiculous.
- **CLL梦想成真 · 2026-04-07T23:07:59.000Z · 👍 1**: Did Lao Duan buy it after all? How much did he buy?
- **四条草金 · 2026-04-07T16:15:40.000Z**: This is just the beginning, it's not too late to wait another year to buy.