There has been a lot of discussion about Pop Mart 9992 these days, but based on my understanding of liquidity in Hong Kong stocks, Pop Mart might be more suitable for playing oversold sentiment rather than value investing, so whether it's appropriate is still questionable.

I used to think that A-shares have been the lowest returning major market over the past 15 years, but after checking the data with my friend @0xHogen, I found that’s not the case.
A-shares are the second worst, and even worse than A-shares is the Hang Seng Index in Hong Kong stocks. The core reasons are as follows:
- Continuous IPO listings (familiar to friends in the crypto circle?)
- Concentration at the top, exhaustion at the bottom, with a single investor structure mainly driven by foreign capital and southbound funds, meaning retail investors are very few (the familiar pattern again)
Before the floodgates opened, Hong Kong stocks have long been a low-liquidity market dominated by institutional investors. These characteristics suggest that most crypto pump-and-dump experiences can be applied to Hong Kong stocks.
So, the safest strategy now for Hong Kong stocks is actually IPO plays, which have historically yielded an annualized return of 5-20% (excluding taxes).
Additionally, Pop Mart is also a Hang Seng Connect target. If you want to play, using Hong Kong Connect / on-chain brokers / IBKR can help minimize tax risks.
There’s a call from Yong Ping, which might have some short-term opportunities, but long-term, I’m not skilled enough to give advice.