On Aug. 20, Duan Yongping advised investors with portfolios of about HK$40 million to hold Moutai and Pop Mart in equal proportions without trading them. He also said annual expenses of 1 million yuan could qualify as being not poor, depending on the definition. Duan has repeatedly expressed support for both stocks and on Aug. 13 offered to make a 100 million yuan, 10-year bet involving Moutai and any domestic fund, modeled on Warren Buffett's decade-long wager. He said his earlier investment in Moderna was already gone because he did not understand the company well enough to hold it. Moderna's shares surged 177% after Moderna and Merck & Co. announced a jointly developed personalized mRNA cancer vaccine (a treatment using messenger RNA to trigger an immune response).