Duan Yongping said recent changes in his Pop Mart holdings were mainly the result of options mechanics rather than a shift to a bearish long-term view. Responding on Xueqiu, he said he has "never directly sold a single share of Pop Mart" and explained that in some cases he buys shares and immediately sells call options, which he said is essentially the same strategy as selling put options. He said that when his sold-put exposure approaches its upper limit, he switches to a "buy stock plus sell call" approach; if the shares are called away at expiry, the outcome is fundamentally the same as a put being exercised. Duan said he may continue using similar tactics for quite a long time, with Pop Mart options premium currently around 5% per month. On valuation, he said Pop Mart does not look expensive from a long-term perspective at current prices, although he does not know the short-term direction. He also said he has no plan to sell Pop Mart at any particular time or price and "maybe for a long time there won't be one." His comments indicate that scrutiny over apparent reductions and later increases in his stake largely reflects options expiry and exercise rather than outright share sales or a long-term bearish view.