Duan Yongping responds to POP MART position changes: Combined with options trading, the current price is not expensive in the long term.

Duan Yongping responded to recent queries about shifts in his Pop Mart holdings on Chinese investment platform Xueqiu yesterday, clarifying he has "never directly sold a single share of Pop Mart." After purchasing some of the stock, he directly sells call options, a strategy essentially identical to selling put options. Duan explained that when his short put positions approach their upper limit, he adopts the "buy stock + sell call" tactic; if the calls are assigned at expiration, the outcome is fundamentally the same as if puts had been exercised at expiration. He added that he may stick to similar strategies for a long time, with Pop Mart’s current option premium standing at roughly 5% per month. On Pop Mart’s long-term value, Duan remarked, "Looking at the long term, I don’t think Pop Mart’s current price is expensive; I have no idea about the short term." He noted this is the core logic behind his option strategy. This approach may result in lower returns, but it is a relatively conservative strategy; he may adjust his tactics if future premiums decline. Duan also stressed he has no plans to sell Pop Mart at a specific time or price, "and may not have such plans for a very long time." He further disclosed that selling puts is just one of his investment strategies, and he has used similar methods across other investments; roughly 80% to 90% of his past Apple stock holdings were likely acquired via put options. In response to recent market questions about his "simultaneous reduction and increase of holdings," Duan’s earlier comments clarify that these holding changes mainly stem from trading mechanisms like option expirations and exercises, and do not signal a long-term bearish outlook on Pop Mart.