Duan Yongping’s Pop Mart holdings are estimated to have an unrealized loss of about HK$1.87 billion to HK$2.12 billion
According to Hong Kong stock exchange equity disclosures, investor Duan Yongping, through his controlled investment entities, held 106,716,000 shares of Pop Mart (09992.HK), about 8.01% of the issued shares. Based on the share price of HK$132.50 on October 27, 2026, the market value of the holding is about HK$14.14 billion.
On cost, Jiemian News cited market estimates on October 26 that the midpoint of his combined cost was about HK$150 per share; earlier, Blue Whale News estimated the combined cost at about HK$152.32 per share. The corresponding unrealized losses were about HK$1.868 billion and HK$2.115 billion, respectively, with unrealized loss ratios of about 11.67% and 13.01%. The above are book calculations based on media-estimated costs and are not Duan Yongping’s own publicly disclosed actual profit or loss. Because part of the underlying position involves options and other derivatives, the full cost of the position cannot be independently verified solely from public information.
Pop Mart also disclosed on the same day that overall revenue in the third quarter of 2026 (unaudited) fell 45% to 50% year on year, including a 25% to 30% decline in China and a 70% to 75% decline in the Americas.
Original sources:
Title: Duan Yongping's Pop Mart holdings are estimated to have an unrealized loss of approximately HK$1.87 billion to HK$2.12 billion, and the actual cost cannot yet be verified. Publisher: Tapbit News (citing TheBlockBeats and others) Publication date: 2026-10-27 URL: https://www.tapbit.com/en/news/articles/duan-yongping-s-pop-mart-3562 Source nature: media report Verification status: The full text was actually read for the main content this time, verification date 2026-10-27 Supported content: supports the number of shares held, percentage, market value calculation, media cost estimate and unrealized loss range, and states that the actual cost cannot be independently verified
Title: Pop Mart Third-Quarter Sales Fall Up to 50% as Labubu Fad Cools Publisher: Bloomberg Publication date: 2026-10-27 URL: https://www.bloomberg.com/news/articles/2026-10-27/pop-mart-s-quarterly-sales-drop-on-high-base-sluggish-demand Source nature: media report Verification status: The main report content was actually read this time, verification date 2026-10-27 Supported content: supports Pop Mart’s official disclosure that Q3 revenue fell 45%-50% year on year
Title: LATEST BUSINESS UPDATE FOR THE THIRD QUARTER OF 2026 Publisher: Pop Mart International Group Limited (HKEX announcement) Publication date: 2026-10-27 URL: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1027/2026102700268.pdf Source nature: official document Verification status: Key data from the full announcement were actually read this time, verification date 2026-10-27 Supported content: supports the Q3 overall and by-region, by-channel revenue decline ranges
ABAB AI Insight
Duan Yongping has long been known for value investing and options strategies. In the past, in holdings such as NetEase, he kept his stake ratio at around 10% or less, and he publicly said that his Pop Mart position would likewise not exceed that ratio in order to avoid changing the shareholder rights structure. Since May 2026, he has built a position in Pop Mart through H&H International Investment. The initial purchases were mainly made with cash (for example, about HK$150 on May 25, about HK$162.5 on May 28, and about HK$150 on July 6), and later also involved derivative settlement. At the end of July, there was a passive decline in the holding ratio due to options expiration. This pattern is consistent with his past approach of building positions by selling put options and holding long term.
On the capital side, Duan Yongping shifted positions previously held in China Shenhua and others into Pop Mart, and the major publicly disclosed purchases cumulatively involved about HK$3.8 billion in funds, forming a position of about 107 million shares. The funds were mainly used to obtain ordinary shares and derivative-related rights, with the goal of participating in the long-term value of consumer brands driven by IP such as Labubu, rather than short-term trading. He recently still said he may continue to add to the position, but clearly capped it at within 10%.
A comparable case is his early position in NetEase: similarly, during periods of stock-price volatility, he built an equity stake of about 10% by combining options and spot holdings, and ultimately achieved returns through the recovery of the company’s business and valuation re-rating. The similarity is that both rely on long-term judgment of the founder and business model; the difference is that Pop Mart is currently facing high-base pressure after Labubu enthusiasm cooled, with a sharp pullback in Q3 overseas and online channel revenue, whereas NetEase’s path to recovery in internet business was clearer at the time.
This unrealized-loss estimate reflects that, under media cost assumptions, Duan Yongping’s capital in Pop Mart has been exposed to IP-cycle fluctuations. Actual profit and loss depend on the net cost of the options structure and the future realization method. If the company’s quarterly revenue stabilizes later and IP operations continue, the long-term holding within 10% may still digest the book pressure through time and business improvement. Indicators to watch include changes in the holding ratio in subsequent HKEX disclosures and whether Pop Mart’s single-quarter year-on-year revenue decline narrows.
ABAB News · Cognition Law
Media-estimated costs differ from actual position costs, and the latter cannot be confirmed solely from public disclosures because of derivatives.
A short-term unrealized loss in long-term value investing does not automatically negate the business judgment made when the position was built, nor does it guarantee future recovery.