--- title: "LOL, Duan Yongping's misoperation might make him the third largest shareholder of Pop Mart." type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/39915923.md" description: "Duan Yongping, who mainly invests in the US stock market. He is probably accustomed to the US stock options convention where 1 contract = 100 shares. It might be that for Tencent's Hong Kong-listed options, 1 contract equals 100 shares, leading Duan to think it's the same as in the US market. After switching to Hong Kong stocks, he probably didn't notice that 1 contract and 100 shares are not always equivalent. For example: Meituan, 1 option contract corresponds to 500 shares. Xiaomi, 1 option contract corresponds to 1000 shares. And the underlying asset in this trade, Pop Mart, 1 option contract corresponds to 200 shares. Without fully understanding the rules, Duan Yongping..." datetime: "2026-04-15T01:46:28.000Z" locales: - [en](https://longbridge.com/en/topics/39915923.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39915923.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39915923.md) author: "[林氪](https://longbridge.com/en/profiles/7312377.md)" --- # LOL, Duan Yongping's misoperation might make him the third largest shareholder of Pop Mart. Duan Yongping, who mainly invests in the US stock market. He was probably accustomed to the US stock options convention where 1 contract = 100 shares. It might be that Tencent's 1 contract option equals 100 shares in Hong Kong stocks, making Duan Yongping think it's the same as in the US market. **After switching to Hong Kong stocks, he probably didn't notice that 1 contract and 100 shares are not always equivalent.** For example: Meituan, 1 option contract corresponds to 500 shares. Xiaomi, 1 option contract corresponds to 1000 shares. **And for the underlying asset in this trade, Pop Mart, 1 option contract corresponds to 200 shares.** Without fully understanding the rules, Duan Yongping has already sold 225,000 contracts of Pop Mart options. He did not disclose the specific strike price, but based on Pop Mart's latest stock price calculation, 225,000 option contracts currently correspond to a Pop Mart stock market value of about HKD 7.5 billion. If all are exercised at maturity, Duan Yongping would need to buy 45 million shares. Based on Pop Mart's current circulating share capital of about 1.341 billion, 45 million shares account for approximately 3.36%. **If they are all really exercised, he would directly become the third-largest shareholder, second only to Wang Ning and Pop Mart's management.** **Of course, the final exercise situation depends on whether the stock price on the expiration date is lower than the strike price.** LOL. Thinking back, I also first got into US stock options. I was also used to the rule of 1 option contract for 100 underlying shares. The first time I traded options in Hong Kong stocks was also Tencent, and I didn't notice anything unusual at the time. Later, when I sold Meituan puts, I thought the premium was huge, and the yield looked great. Only after trading a few times did I realize that for Meituan, 1 contract = 500 shares. I was dumbfounded. Fortunately, those "risky moves" in hindsight didn't cause any problems at the time. **I never thought Duan Yongping would make the same mistake as me.** It's quite funny. Considering Duan Yongping's target position size, this directly doubled it, jumping from 22.5 million shares to 45 million shares. He probably also thought the liquidity and returns of Hong Kong stock options were pretty good. Little did he know, if 1 option contract = 200 shares, the yield is effectively halved. Hahahaha. **Of course, given Duan Yongping's net worth and capital scale, this isn't a fatal mistake.** He originally wanted to sell more puts, but stopped at 225,000 contracts due to broker restrictions. But considering a big shot could make such a basic mistake is still quite funny. Considering the massive amount of capital involved, it's even funnier. The short sellers are probably a bit confused too, wondering how many shares they'd have to take on, and not daring to smash the price. **A single cognitive bias directly affects arrangements involving tens of billions of HKD.** **It's also very amusing, adding an interesting anecdote.** $POP MART(09992.HK) ### Related Stocks - [09992.HK](https://longbridge.com/en/quote/09992.HK.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [MPNGY.US](https://longbridge.com/en/quote/MPNGY.US.md) - [83690.HK](https://longbridge.com/en/quote/83690.HK.md) - [81810.HK](https://longbridge.com/en/quote/81810.HK.md) - [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md) - [HPPD.SG](https://longbridge.com/en/quote/HPPD.SG.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) - [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md) - [HXXD.SG](https://longbridge.com/en/quote/HXXD.SG.md) ## Comments (12) - **新用户_8Oqf · 2026-04-24T02:45:56.000Z**: What do you think of this move? Is Pop Mart likely to break through? - **纳斯达克小作手进行录 · 2026-04-16T01:03:27.000Z**: I've also made a mistake. It seems like PetroChina is one lot of a thousand shares, which really confused me at the time, but the outcome was good 🤣🤣🤣 - **新用户_hygK1V · 2026-04-15T07:34:26.000Z · 👍 2**: Why do they say the yield is halved? It's simply because the expected capital required has increased. One lot is 200 shares, so the profit also needs to be multiplied by 200. - **闽南地区网友啊菜 · 2026-04-15T03:12:19.000Z**: Although it's only 200 shares, the annualized premium from a few days ago still looks very good. - **看空不做空—蓝迪 · 2026-04-15T02:16:29.000Z**: Could you please explain where to buy and sell Hong Kong stock options? Aren't they warrants? - **MC1** (2026-04-15T02:21:47.000Z): Same question, does Hong Kong stocks have options? - **秦假仙** (2026-04-15T02:46:46.000Z): Futu has it, Longbridge hasn't listed it yet. - **闽南地区网友啊菜** (2026-04-15T03:35:27.000Z): Futu Interactive Interactive Brokers - **道无形但可悟 · 2026-04-15T02:04:01.000Z · 👍 3**: What does this mean? It means the world is actually just a makeshift stage. Even gods are ordinary people. - **买跌不买涨，谨记** (2026-04-15T02:08:27.000Z): They have unlimited ammo, so it doesn't matter to them. - **新用户_8Oqf** (2026-04-24T02:44:38.000Z): The stock market is an emotional market and may also be another kind of existence.