From "not understanding" Pop Mart to becoming its second-largest shareholder, Duan Yongping now faces a nearly HK$2 billion paper loss as revenue halved! Duan Yongping once publicly stated that he didn't understand Pop Mart, wondering why people would buy blind boxes, and worried that people wouldn't like them in a few years. However, this year his attitude completely reversed. He even sold all his shares in China Shenhua and continued to buy Pop Mart shares, eventually holding 8.01% and becoming the second-largest shareholder after founder Wang Ning, with a cumulative investment exceeding HK$10 billion. Pop Mart's third-quarter operating data released on October 27 showed an overall revenue plunge of 45%-50% year-on-year, with a 25%-30% decline in the Chinese market, a 65%-70% decline in the Asia-Pacific region, and a staggering 70%-75% drop in the Americas! The stock price fell to HK$123.8 at one point during trading today. Based on the market's estimated holding cost of HK$150, Duan Yongping's paper loss is approaching HK$2 billion. However, Duan Yongping didn't back down, saying he would continue buying, but his shareholding would not exceed 10%, and he most likely wouldn't sell within the next ten years. He cited Apple as an example, saying that during his time holding Apple shares, he experienced at least three instances where the stock price fell by more than 40% from its peak.