BlockBeats news, on August 14, Duan Yongping responded on Xueqiu to recent questions about changes in his Poppin' Mart holdings, stating that he has "never directly sold a single share of Poppin' Mart," and that some shares were purchased followed by immediate sale of calls—a strategy essentially identical to selling puts.
Duan Yongping said that when the short put position approaches its upper limit, he adopts a strategy of "buying shares + selling calls"; upon expiration, if the shares are called away, the outcome is essentially the same as having the put option exercised. He indicated that he is likely to continue using a similar strategy for a considerable period ahead, and currently, the premium for Pop Mart options trades at approximately 5% per month.
Regarding the long-term value of Pop Mart, Duan Yongping said, “At its current price, I believe Pop Mart is not expensive in the long term, though I’m unsure about the short term.” He noted that this is the underlying logic behind his options strategy. This approach may result in slightly lower profits, but it is a relatively conservative strategy; if option premiums decline in the future, he may adjust his strategy.
Duan Yongping also emphasized that he has no plan to sell Pop Mart at any specific time or price, saying, “I may never do so for a very long time.” He also revealed that selling puts is just one part of his investment strategy, and he has consistently used similar approaches in other investments; he likely acquired 80%–90% of his Apple shares through puts.
Regarding recent market skepticism about its "selling and then buying back" strategy, Duan Yongping’s previous statements indicate that these position changes primarily stem from trading mechanisms such as option expirations and exercises, and do not reflect a long-term bearish outlook on Pop Mart.