There's been a lot of discussion about Pop Mart 9992 these past couple of days, but based on my understanding of Hong Kong stock market liquidity, Pop Mart might be more suitable for playing oversold sentiment rather than being a solid value investment—still questionable on that front. I used to think A-shares were the lowest-return stock market among major global capital markets over the past 15 years, but our group member @0xHogen went back to check the data and found that’s not entirely true. A-shares are second to last. There’s actually one worse: the Hang Seng Index in Hong Kong stocks. The underlying reasons boil down to a few key points: - A constant stream of IPOs (friends in the crypto space, does this sound familiar?) - Highly concentrated at the top, barren at the bottom, with a single investor structure. The main funding sources are foreign capital and southbound funds, meaning there are very few retail investors (again, familiar vibes). Before the era of massive liquidity injections, Hong Kong stocks were long dominated by institutional investors in a low-liquidity market. Based on these characteristics, you can almost apply most of the strategies used for trading altcoins in crypto directly to Hong Kong stocks. So right now, the safest strategy for Hong Kong stocks is still IPO investing. Backtesting shows it can yield an annualized return of 5-20% (excluding taxes). Also, Pop Mart is a Stock Connect target. If you want to play, using Stock Connect / on-chain brokers / IBKR can help minimize tax risks. With Duan Yongping hyping it up, there’s some short-term opportunity, but as for the long term, I’m not at the level to give advice yet.