Duan Yongping said on Aug. 5 that the change in his Pop Mart holdings was largely tied to options positions reaching expiry and being exercised, not simply to selling shares in the open market.
In a post on Xueqiu, Duan responded again to questions about his reduction in Pop Mart. He said the main reason was that put options he had sold had expired, which had a relatively large impact on his shareholding ratio. He also said some of the shares had been bought together with call options he sold at the same time, and those shares were later “called away” after the counterparty exercised the options.
Duan said he may keep using the same approach in the future as long as the stock price remains within a certain range.
Duan reiterates long-term holding strategy
He said he had made the point from the beginning when he wrote that “Pop Mart Insurance Company is open,” adding that many people did not understand what that meant.
BlockBeats noted that Duan had said in April this year that “Pop Mart Insurance Company is open,” meaning he had formally begun selling put options on Pop Mart. Under that approach, he acts like an insurer by collecting option premium from other traders first; if the stock falls, he buys at a lower price, and if it does not, he keeps the premium.
HKEX filing shows position change
A Hong Kong Exchanges and Clearing filing showed that H&H International Investment, managed by Duan, reduced its long position in Pop Mart International Group Ltd. from 7.65% to 5.55% on July 30, 2026.
According to the disclosure, some Call options expired and were exercised on July 30, requiring Duan to deliver shares at the agreed price and lowering his physical holdings. The delivery was completed at an aggregate settlement price of about HK$162.50, and physical holdings decreased by about 8.9328 million shares.