Duan Yongping responds to reducing holdings in Pop Mart: only because of the expiration of put options
Duan Yongping responded on Xueqiu today regarding the reduction of his position in Pop Mart, stating, "It's just that the put expired, and part was called away by the call." (This means that the put option expired, and a portion of the stock was called away by the call option.)ChainCatcher previously reported that earlier today, the Hong Kong Stock Exchange disclosed that the long position ratio of H&H International Investment, managed by Duan Yongping, in Pop Mart International Group Limited decreased from 7.65% to 5.55% as of July 30, 2026.According to a detailed interpretation of the announcement, this reduction was caused by the exercise of sold calls (call options). Duan Yongping holds the underlying stock of Pop Mart through H&H International Investment while selling call options to earn premiums. After part of the calls expired and were exercised on July 30, Duan Yongping had to deliver stocks at the agreed price, resulting in a decrease in physical holdings, and the disclosed long position ratio dropped from 7.65% to 5.55%.This time, Duan Yongping had part of the calls expire and be exercised, delivering some stocks at an average settlement price of approximately HKD 162.50, resulting in a net decrease of about 8.9328 million shares in physical holdings. Additionally, other option positions expiring or converting contributed to the overall decrease in the disclosed total long position ratio.Duan Yongping is accustomed to using sold options to enhance returns or build positions, and he has performed similar operations on stocks like Apple. On July 23, Duan Yongping had just responded to investors on Xueqiu, stating, "I just started buying Pop Mart, and I probably won't sell for the next 10 years." This decrease in ratio is mainly due to passive reduction caused by option settlements, rather than actively selling in the market. The actual decrease in physical holdings is not as exaggerated as the disclosed ratio suggests, as the disclosed long ratio also includes the impact of related derivative positions.