Duan Yongping Acquires Shares in Pop Mart with a Holding Value Over 11.7 Billion Hong Kong Dollars

The latest disclosure from the Hong Kong Stock Exchange shows that Duan Yongping and H&H International, LLC, controlled by him, collectively hold 76.3716 million shares of Pop Mart, accounting for a 5.69% stake, which has triggered the disclosure threshold for raising a sign. According to the total market value of Pop Mart's HKD 206.8 billion on May 27, Duan Yongping's position corresponds to a market value of HKD 11.777 billion. On April 9th of this year, Duan Yongping publicly stated that he had begun to layout Pop Mart by selling put options, calling himself "My Pop Mart insurance company officially opened"; on May 7, he further disclosed selling China Shenhua to change to buy Pop Mart. He said that the profit of Pop Mart's financial report stimulated his curiosity, and he spent several consecutive days studying the company, "It's been a long time since I felt so excited." When discussing the logic of being optimistic about Pop Mart, Duan Yongping listed several core barriers: already established brand user attention, artist signing barriers, global store networks, and "the mighty Wang Ning and his team." He said that these barriers cannot guarantee that there will always be people who like trendy toys, but they can make people who like trendy toys continue to pay attention to Pop Mart. "Pop Mart's barriers are far stronger than imagined, as long as there is continuity in trendy toys, Pop Mart is a very good business." Regarding CEO Wang Ning, on May 26th, Duan Yongping publicly stated: "I think Wang Ning's understanding of his own products and pursuit are at the same level as Jobs, at least it will be in the future. Wang Ning's understanding of business seems to be a little bit stronger than Jobs." The next day, he further explained that Jobs' understanding of business is not top-notch - "otherwise, he wouldn't have kept holding so much cash without buying back, even after suggestions from Buffett" - but Jobs' pursuit of products is absolutely top-notch, and his biggest contribution to Apple is choosing Cook as the successor CEO. In addition to his Hong Kong stock holdings, Duan Yongping's U.S. stock positions have also emerged with the recent disclosure of 13F. As of the end of the first quarter of 2026, the total market value of H&H International Investment, managed by him, is about $20 billion, holding 19 companies. Apple remains the top heavy position, accounting for 36.72% of the portfolio, with a market value of $7.346 billion; Berkshire Hathaway accounts for 21.91%, with a market value of $4.384 billion. In the first quarter, Duan Yongping increased bets on Nvidia, Pinduoduo, Berkshire Hathaway, new entry into Tesla, while reducing Apple, Occidental Petroleum, and cleared Alibaba.