Duan Yongping Reduces POP MART Stake for First Time Since Disclosure, Holding Drops to 5.55%

Duan Yongping has reduced his stake in POP MART for the first time since making a public disclosure, having previously stated that he would most likely not sell within ten years.

On Wednesday, the latest equity disclosure documents from the Hong Kong Stock Exchange (HKEX) showed that as of July 30, 2026, the long position held by H&H International Investment, managed by Duan Yongping, in POP MART decreased from 7.65% to 5.55%, with the number of shares held reducing by 27.933 million. This reduction marks the first significant decline in Duan Yongping's holdings since he publicly disclosed his stake in POP MART.

HKEX documents indicate that the reason for the decrease in shareholding ratio was the "delivery of shares or cash required under equity derivative instruments." This implies that it was likely not a voluntary reduction through active selling in the secondary market, which is common in the market.

First Reduction After Continuous Accumulation

Prior to this decrease in shareholding ratio, Duan Yongping's position in POP MART had been on an upward trend.

In May this year, H&H International Investment's shareholding first exceeded 5%, triggering the equity disclosure requirements of the HKEX. Since then, Duan Yongping has continued to increase his holdings through this investment entity multiple times.

According to HKEX disclosures on July 6, H&H International Investment increased its shareholding from 91.2728 million shares to approximately 102 million shares, raising its shareholding ratio from 6.85% to 7.65%.

After this reduction, the holding size retreated to approximately 73.9 million shares, with the shareholding ratio dropping to 5.55%.

Duan Yongping Previously Stated, "Most Likely Will Not Sell POP MART Within Ten Years"

Notably, shortly before this reduction, Duan Yongping publicly and explicitly reaffirmed his long-term holding stance on POP MART.

On July 23, when asked by a user on a social platform whether he would reduce his POP MART holdings to switch to other assets, he responded: "I have just started buying POP MART! I guess there is a high probability that I will not sell within 10 years."

In early July, Duan Yongping explained his investment logic: "POP MART is currently a company with a market capitalization of around HK$200 billion. It already generated a profit of RMB 1.3 billion last year. Its business model has been proven successful, and its corporate culture is excellent. There is a high probability that its average annual profit over the next 10 to 20 years will not be lower than current levels." He also stated that he is not concerned about short-term profit fluctuations, focusing instead on judging the company's long-term prospects.

Reduction Due to Derivative Instrument Settlement

The decrease in shareholding ratio did not result from active selling in the secondary market.

According to HKEX disclosure documents, the change was due to H&H International Investment "delivering shares or cash required under equity derivative instruments," which constitutes normal performance and settlement arrangements for contracts related to derivatives.

This technical reason implies that there is no necessary direct contradiction between this change in shareholding and Duan Yongping's previously expressed long-term bullish stance.

Currently, H&H International Investment's shareholding remains above 5%, and Duan Yongping maintains his status as a significant shareholder of POP MART.