What is the biggest obstacle to investing in Pop Mart? Pinduoduo

I personally really like Pop Mart, and I have a bit of a filter for this company.

Maybe it's because I bought Sonny Angel as a gift a long time ago, and Pop Mart was its Chinese agent at the time.

Because of Sonny Angel, I indirectly got into Molly.

In 2016, the first blind box collaboration between Pop Mart and Molly was the Zodiac series. I drew my own zodiac sign on the first try, which left a deep impression.

At the time, I felt this shop at Europlaza had a different vibe. I didn't know its background, but it felt inexplicably impressive.

Later, when Pop Mart held its first trendy toy exhibition in Beijing, by a strange twist of fate, I actually bought a ticket and went to see it.

At that time, the only blind box brands I knew were Sonny Angel and Molly, but I couldn't find Sonny Angel at the trendy exhibition at all; the only star was Molly.

I only found out later that the reason for Molly's rise was because Sonny Angel and Pop Mart fell out.

This is a company I find very magical, but I haven't invested much effort into it.

On the contrary, because my first impression of it was a shop by the underground passage at Europlaza, after Pop Mart went public, I've always had a sense of familiarity mixed with distance.

I'm interested in learning the stories behind many companies, yet I've somehow never researched Pop Mart; it's a bit of a missed connection.

So there's no talk of investing in this company either. Perhaps my investment attention was all drawn away by Pinduoduo.

I've always believed Pinduoduo is a top-tier company—the so-called right business, right people, a top-tier business model, and an excellent corporate culture.

This investment framework has strictly bound me and controlled my attention.

So when I use this framework to examine many companies, 99% of them are excluded.

But Pop Mart is one of the few that has become increasingly prominent under this framework.

Many colleagues around me have become die-hard fans of Pop Mart.

Duan Yongping, whom I follow, has also expressed his fondness and wants to establish a Pop Mart insurance company.

The current stock price has also fallen to a reasonable range.

Everything seems to have come together naturally.

However, just like buying back Tencent, all new investment targets still face comparison with the opportunity cost of Pinduoduo.

If your investment choices are only cash and Pop Mart—one side is cash that inflates every year, the other is a rapidly developing company—then there really isn't much need to hesitate.

Not just Pop Mart, even Tencent, compared to Pinduoduo today, in my personal view, I still think one should buy Pinduoduo.

A $140 billion company, with $60 billion sitting in its accounts, and nearly $15 billion in annual profit.

A top-tier super platform, with a consumer-oriented corporate culture that pursues more than just profit，极致 operational efficiency, and formidable software engineering capabilities.

Apart from the uncertain macro environment it faces, on a micro level, it's truly impeccable.

So the result of Pop Mart vs. Pinduoduo is the biggest obstacle to my investing in Pinduoduo.

However, if my attention and cash flow are constantly being siphoned by one company, I personally don't think that's very fun either.

When I held three to five companies before, I wanted to concentrate.

After concentrating on one company, this is indeed my most certain choice, but it's like a black hole.

So I've decided to let go of the Pop Mart vs. Pinduoduo mindset and embrace something new.

The proportion isn't large, just at the level of an observation position, but I hope to buy more in the future.

Also, the experience of buying directly with RMB is too good. I hope Pinduoduo can also make an effort in the future.

Learn from Alibaba about a secondary listing in Hong Kong, get into the Stock Connect—how convenient would that be.

$POP MART(09992.HK) $PDD(PDD.US)