Core Viewpoint - The recent decline in Pop Mart's stock price by 3.31% on May 8, 2023, contrasts with a significant increase of over 700% since November 2022, indicating volatility in the stock performance amidst shareholder actions [1][2]. Group 1: Shareholder Actions - Fengqiao Capital has sold all its shares in Pop Mart through three block trades, totaling approximately 11.91 million shares and involving around 2.2 billion HKD [4]. - Prior to the sale, Fengqiao Capital held 0.9% of Pop Mart's shares, making it the seventh largest shareholder [4]. - The founder of Fengqiao Capital, Tu Zheng, expressed gratitude for the 14-year journey with Pop Mart, highlighting the ups and downs of the investment process [4]. Group 2: Company Performance - Pop Mart's international business has seen rapid growth, with overseas revenue increasing by 475%-480% year-on-year in Q1 2023 [5]. - Revenue growth in specific regions includes a staggering 895%-900% increase in Central America, 600%-605% in Europe, and 345%-350% in the Asia-Pacific region [5]. Group 3: Market Sentiment - The reduction of shares by Fengqiao Capital is viewed as a neutral event in the market, but its implications may be amplified due to the firm's early investment status and significant returns [6].

Core Viewpoint - The recent "clearance-style" reduction of shares by the founding shareholder of Pop Mart (09992.HK) has caused significant market reactions, raising concerns about the company's stock valuation and potential bubble status [2][4]. Group 1: Shareholder Actions - Fangqiao Capital, the shareholder, sold all its shares in Pop Mart through block trades, totaling approximately 11.91 million shares, which represents about 0.89% of the company's total share capital, generating over HKD 2.2 billion [4]. - The founder, Tu Zheng, expressed gratitude for the 14-year journey with the company, from initial investment to final sale [2][5]. - Tu Zheng had previously reduced his holdings in May and October of the previous year, selling 16 million shares at an average price of HKD 35.1 and 5 million shares at an average price of HKD 58.8, respectively [4]. Group 2: Market Reactions - Following the announcement of the share reduction, Pop Mart's stock experienced significant volatility, dropping over 4% at one point and closing down 2.98% [4]. - Some investors are concerned that the stock may have peaked, indicating a potential bubble in valuation [4]. Group 3: Company Performance and Industry Outlook - Despite the shareholder reduction, Pop Mart's stock has surged nearly 10 times since the beginning of 2024, making it one of the top-performing stocks in Hong Kong [6]. - The company reported a substantial year-on-year revenue growth of 165%-170% for Q1 2025, with domestic revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [6]. - The global collectible toy market is expected to grow significantly, with the Chinese market projected to reach nearly RMB 90 billion by 2024 and maintain a compound annual growth rate of 14% over the next three years [6]. - Morgan Stanley raised Pop Mart's target price from HKD 164 to HKD 204, maintaining an "overweight" rating, while Bank of America noted the company's strong pricing power and resilience against economic downturns [6].

Core Viewpoint - The recent large-scale share reductions of Pop Mart, known as China's first trendy toy stock, are attributed to the expiration of the fund held by Fengqiao Capital, which has sold all its shares in the company after a significant profit since its initial investment before the company's IPO [1][2]. Group 1: Share Reduction Details - On May 7, Pop Mart experienced its third major share reduction within a week, with an investor selling approximately 3.86 million shares at HKD 190.20 per share, totaling around HKD 734 million [1]. - The previous reductions occurred on April 30 and May 2, where 4.05 million shares and 4 million shares were sold at HKD 192.95 and HKD 187.99 per share, respectively, amounting to HKD 7.8 billion and HKD 7.5 billion [1]. - In total, 11.91 million shares were sold, representing about 0.9% of the company's total share capital, with a total transaction value of HKD 22.64 billion [1]. Group 2: Fund Expiration and Performance - Fengqiao Capital confirmed the share reduction was due to the expiration of its first RMB fund, which had invested in Pop Mart before its IPO at a cost of HKD 17-20 per share, resulting in a profit of over 8 times at current selling prices [2]. - Since its listing on December 11, 2020, Pop Mart's stock price has increased significantly, with a maximum cumulative increase of over 10 times [2]. - For the fiscal year 2024, Pop Mart reported a revenue of CNY 13.04 billion, a year-on-year increase of 106.9%, and an adjusted net profit of CNY 3.4 billion, up 185.9% [2]. Group 3: Market Reactions and Future Outlook - Market analysts suggest that the fund's exit may be beneficial for Pop Mart, as similar cases in the Hong Kong stock market have led to renewed interest from public funds, resulting in stock price increases [2]. - An insider indicated that the recent share reductions are a natural outcome of the fund's expiration and do not reflect any negative impact on the company's fundamentals [2]. - Despite the exit of Fengqiao Capital, the relationship between the two remains strong, with Fengqiao's founder still serving as a non-executive director of Pop Mart [3].

Core Viewpoint - The founder of Pop Mart (9992.HK) completed a full sell-off of shares within a week, cashing out over HKD 2.268 billion as the stock price reached a new high [1][3]. Group 1: Shareholder Actions - Borchid Capital, a well-known venture capital firm, sold all its shares in Pop Mart through block trades over a week due to the impending expiration of its RMB fund [3]. - The founder and partner of Borchid Capital, Tu Zheng, expressed gratitude for the 14-year journey with Pop Mart, from initial investment to final sale [3]. - Tu Zheng's share sales included 4.05 million shares at an average price of HKD 192.95, 4 million shares at HKD 187.99, and 3.86 million shares at HKD 190.20, totaling HKD 2.268 billion [3][4]. Group 2: Company Performance - Pop Mart's stock price surged nearly 350% in 2024, prompting Tu Zheng to execute his final exit strategy [5]. - As of May 7, 2024, Tu Zheng's shareholding was reduced to 0.89% after selling 16 million shares at prices ranging from HKD 35.10 to HKD 58.80 [5]. Group 3: Market Interest - The number of public funds heavily invested in Pop Mart increased from 52 to 56 funds within a year, indicating rising market interest [6]. - Notable funds include Invesco Great Wall, GF Fund, and Southern Fund, with significant holdings in Pop Mart [8]. - On April 30, 2024, Pop Mart's stock price reached an all-time high of HKD 199 per share, but fell by 5.43% to HKD 184.5 on May 7 due to major shareholder sell-offs [8].

Core Viewpoint - Major investment institutions have fully liquidated their holdings in Pop Mart within a week, cashing out over 2.1 billion yuan at high prices, leading to a decline in the company's stock price [2][5][10]. Group 1: Investment Actions - Fengqiao Capital has sold a total of 11.91 million shares of Pop Mart from April 30 to May 7, resulting in a cash-out amount of approximately 2.267 billion HKD, equivalent to about 2.111 billion yuan [5][6]. - The liquidation was executed through block trades, with Fengqiao Capital stating that their first RMB fund is nearing its expiration [5][6]. - The stock price of Pop Mart has faced pressure, with a cumulative decline of 6.77% during the same period, including a drop of 5.43% on May 7 [5][10]. Group 2: Company Background - Fengqiao Capital was one of the early investors in Pop Mart before its IPO in Hong Kong in 2020, having invested 40 million yuan alongside other firms [6][10]. - The founder of Fengqiao Capital, Tu Zheng, has been involved with Pop Mart since its angel investment stage and has participated in nearly every financing round of the company [10][12]. Group 3: Financial Performance - In 2024, Pop Mart reported a revenue of 13.04 billion yuan, representing a year-on-year growth of 106.9%, and an adjusted net profit of 3.4 billion yuan, up 185.9% [12]. - The stock price of Pop Mart has seen a significant increase of 349.60% over the year [12].

Group 1 - Taobao has entered the food delivery market with a "100 billion subsidy" strategy, upgrading its instant retail service from "Xiaodada" to "Taobao Flash Purchase" [1] - Ele.me announced a "super 10 billion subsidy" promotion in collaboration with "Taobao Flash Purchase," indicating intensified competition in the instant retail sector [1] - The competition reflects a struggle for local life traffic and highlights e-commerce giants' focus on near-field e-commerce amid growth bottlenecks [1] Group 2 - Pop Mart has seen significant block trading reductions, with an investor selling approximately 3.86 million shares at HKD 190.2 each, totaling around HKD 734 million [2] - The previous week, Pop Mart experienced two additional stock reductions, amounting to approximately HKD 1.5 billion [2] - The long-term value of Pop Mart will depend on its ability to increase overseas revenue and the sustainability of its IP matrix [2] Group 3 - In April, Tencent's flagship game "Honor of Kings" returned to the top of the global mobile game revenue chart with a 71% increase in revenue [3] - A total of 33 Chinese companies made it to the global top 100 mobile game revenue list, collectively earning USD 2 billion, accounting for 38.4% of the total [3] - The Chinese mobile gaming industry's revenue share indicates a shift from "scale expansion" to "value cultivation," with future competition focusing on technological originality and sustainable ecosystems [3] Group 4 - Merlin Entertainment announced that the Shanghai Lego Park will open on July 5, 2025, with tickets available for purchase starting May 7 [4] - The park targets families with children aged 2 to 12 and features eight themed areas with over 75 interactive rides and attractions [4] - If managed well, the project could enhance the cultural tourism industry in the Yangtze River Delta and serve as a model for introducing international IP to second- and third-tier cities [4]

Group 1 - The core point of the news is the revelation of the identity of a mysterious seller who sold shares of Pop Mart through block trades, with the seller being Tu Zheng, a director of Pop Mart, who sold all his shares, reducing his ownership from 0.89% to 0% [1] - Fengqiao Capital, an early investor in Pop Mart, announced that it sold all its shares through three block trades due to the expiration of its RMB Phase I fund, thus no longer holding any shares in Pop Mart [1][2] - Pop Mart has gained significant market attention, especially after becoming one of the best-performing stocks in the MSCI China Index, driven by the popularity of its Labubu dolls and endorsements from celebrities like Lisa from Blackpink [1] Group 2 - Tu Zheng has been involved with Pop Mart since 2019 and has participated in various funding rounds, including two follow-up investments while at Qif Capital and later through Fengqiao Capital [2] - Despite exiting the investment, Fengqiao Capital expressed its best wishes for Pop Mart's future, hoping for its continued success and growth [2]

Core Viewpoint - The financial performance of Pop Mart is strong, with significant revenue growth, but the company is facing stock sell-offs by major investors, raising concerns in the market [2][4][6]. Financial Performance - For the fiscal year 2024, Pop Mart reported a revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion yuan, up 185.9% [6]. - In Q1 2025, Pop Mart's revenue is expected to grow by 165% to 170%, with Chinese business revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [6]. Stock Sell-offs - Recently, Pop Mart experienced three significant stock sell-offs, totaling approximately 11.91 million shares, which represents about 0.9% of its total shares, amounting to around 2.264 billion yuan [4][6]. - The sell-offs are attributed to the expiration of the Borchid Capital fund, which had been a major early investor in Pop Mart [2][4][5]. Investor Insights - The sell-off by Borchid Capital is seen as a natural occurrence due to fund expiration rather than a reflection of the company's fundamentals [2][4]. - Historical examples suggest that such sell-offs in Hong Kong-listed companies can lead to subsequent rebounds in stock prices as new institutional investors may enter the market [5]. Market Position and Growth Potential - Pop Mart is positioned at a critical juncture in the toy industry, with the Chinese toy market projected to reach a total value of 110.1 billion yuan by 2026, growing at an annual rate of over 20% [7]. - The company is expanding its IP matrix and engaging in cross-industry collaborations, enhancing its market presence and consumer engagement [7][8].

Core Viewpoint - Fengqiao Capital has completely divested its holdings in Pop Mart, selling approximately 11.91 million shares for around HKD 2.2 billion, marking the end of its investment after 14 years of involvement [1][1][1] Group 1: Investment Details - Fengqiao Capital sold its entire stake in Pop Mart through three block trades, totaling about 11.91 million shares [1][1] - The total funds involved in the sale amounted to approximately HKD 2.2 billion [1][1] Group 2: Company Background - Pop Mart has achieved significant recognition and respect from global users and investors due to its innovative entertainment culture products and unique IP ecosystem [1][1] - The company has experienced over a decade of rapid growth, leading to exceptional performance that exceeded expectations [1][1] Group 3: Founder Insights - Tu Zheng, the founding partner of Fengqiao Capital, expressed gratitude for the journey with Pop Mart, highlighting the emotional connection developed over 14 years [1][1] - Tu Zheng has extensive investment experience, having participated in nearly every round of financing for Pop Mart prior to its IPO [1][1]

智通财经5月7日电，蜂巧资本在其官方公众号发文称，"由于蜂巧人民币一期基金即将到期，蜂巧资本 于近一周内通过大宗交易分三次集中出清了所有在上市前买入的泡泡玛特股份，至此基金将不再持有任 何泡泡玛特股票。"这也正面回应了此前一周时间内资本市场热议的"投资人多次通过大宗交易出售泡泡 玛特股份"的相关信息。据了解，此次蜂巧资本分三次出售了所持有的泡泡玛特股份，总计约1191万 股，涉及资金约22亿港元。 (36氪) 泡泡玛特股份遭创始股东清仓？蜂巧资本回应：战略退出 仍看好公司星辰大海 ...