In the past two days, according to the latest position data disclosed by the Hong Kong Stock Exchange, the shareholding of Pop Mart stock by Duan Yongping has significantly decreased, from 7.65% to 5.55%.

Once the data was exposed, the online comments overwhelmingly pointed out that:

People said that claiming to hold for ten years was just a way to deceive retail investors, and it was all because they couldn't make money and had to sell.

When I first saw this news, I was skeptical of such comments.

I believe that if he really sold, it was either because he discovered some special, previously unnoticed issues with Pop Mart;

or it might be due to some other special operations.

The latter possibility is greater.

It is unlikely that he hastily sold after a few months of not seeing the stock rise; I don't think he is the type of speculator who makes such comments online.

Later, when I verified the situation, I learned that what he referred to as "selling" Pop Mart was due to derivatives trading being exercised by the counterparty.

This transaction was exercised, and the mechanism is a bit complex, but quite interesting.

Today, I will share why his stock was "sold."

In the following sharing, I will omit all trading fees and friction costs and describe the simplified process.

Duan Yongping has often sold what is called a "put option" to lock in a purchase price in order to buy a stock at a cheaper price in his previous operations.

Why can selling a "put option" lock in a purchase price?

For example, if the current stock price of Pop Mart is 150 HKD.

Duan Yongping thinks it's expensive and wants to buy a share at 140 HKD, so he sells a "put option" for Pop Mart that expires in one year, with a strike price of 140 HKD.

After selling this "put option," what are the costs he incurs, and what does he gain?

The cost is that he must deposit 140 HKD into his trading account and cannot use it, while the gain is that he immediately receives a premium of 10 HKD. This 10 HKD premium is what he earned from selling the "put option."

Meanwhile, another person, Zhang San, buys this "put option" from him and pays the 10 HKD premium.

One year later, if the price of Pop Mart drops to 128 HKD, Zhang San will obviously choose to "exercise" the option: he will buy a share of Pop Mart from the market for 128 HKD and then sell it to Duan Yongping for 140 HKD.

At this point, after deducting various costs and the premium paid, Zhang San will have made (140 - 128 - 10 =) 2 HKD. Meanwhile, Duan Yongping successfully bought the Pop Mart shares at 140 HKD as desired.

However, if the price of Pop Mart is still 150 HKD after one year, then Zhang San would clearly abandon the "exercise."

At that time, Zhang San loses the 10 HKD premium; Duan Yongping makes a profit of 10 HKD for nothing, and the 140 HKD in his trading account is unfrozen.

Using this method, Duan Yongping either happily buys stocks at a low price or earns money without any effort. Therefore, he frequently uses this technique to buy stocks at a low price.

However, the Hong Kong Stock Exchange has a special rule: there is a certain limit to the sale of put options, and if you exceed that limit, you cannot sell put options anymore.

Duan Yongping wanted to continue selling a large number of "put options" to buy Pop Mart at a low price, but the "put options" he sold had already reached the limit set by the Hong Kong Stock Exchange, so he could not continue selling "put options."

But he still wanted to lock in a low price to buy more Pop Mart shares.

At this time, he used another method equivalent to selling "put options": buying stocks + selling "call options."

The execution process of buying stocks + selling "call options" is as follows:

Let's assume that Pop Mart's current stock price is 150 HKD, but Duan Yongping wants to buy it at 140 HKD.

At this point, he first buys a share of Pop Mart at 150 HKD.

Then, he sells a "call option" with a strike price of 150 HKD.

After he sells this "call option," he receives a premium of 10 HKD, while this share of Pop Mart is locked in his account.

At the same time, another person, Zhang San, buys this "call option" from him and pays the 10 HKD premium.

One year later, if the stock price of Pop Mart is still 150 HKD, then clearly Zhang San will abandon the "exercise."

At this point, Zhang San incurs a total loss of 10 HKD. The apparent cost of the stock that Duan Yongping bought is 150, but he earned 10 HKD in the premium, which ultimately means he bought that share of Pop Mart at a cost of 140 HKD, just as he desired.

However, if the price of Pop Mart rises to 162 HKD after one year, Zhang San will obviously choose to "exercise," meaning he will buy the share of Pop Mart that Duan Yongping locked in for 150 HKD and then sell it for 162 HKD. After deducting various costs and the premium paid, Zhang San will net (162 - 150 - 10 =) 2 HKD.

At this point, Duan Yongping's share of Pop Mart locked in his account will be sold, and he will receive 150 HKD. In this case, Duan Yongping only made a profit of 10 HKD in the premium.

However, on his account's reflection, it shows that Duan Yongping "sold" a share of Pop Mart.

The situation reflected in this news is this status: that is, the "call option" he sold was exercised by the counterparty.

In this process, he used relatively complex financial derivatives tools to lock in a purchase of stocks at a low price.

I believe this method is not very suitable for average investors, so I do not recommend that ordinary people carelessly use such complex tools.

In fact, even Duan Yongping himself has said that it is best to use simple methods.

Therefore, today's article is purely about sharing knowledge; it is definitely not a recommendation of any financial instrument mentioned here.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。