Pop Mart once again sees large block trading before the market, possibly due to the expiration of the Fengqiao Capital Fund.

Golden Ten Data on May 7, Bubble Mart (09992. HK) reappeared in pre-market block trading, and an investor sold about 3.86 million shares of Pop Mart at HK$190.20 per share, involving about HK$734 million. According to public information, Pop Mart had been reduced by investors twice in a row in the previous week, involving about HK $1.5 billion. The reporter learned from a person close to Bubble Mart that the continuous reduction is not a reduction by the company's management, and from the perspective of the pace of reduction, it is likely to be a natural reduction of the fund at the expiration of the fund, which has nothing to do with the company's fundamentals. The reporter checked the equity information of Bubble Mart and found that the three reductions in the past week were 4.05 million shares, 4 million shares, and 3.86 million shares, totaling 11.91 million shares, accounting for about 0.9% of the company's shares. Compared with the equity information, this reduction is very likely to be the expiration of all the Bubble Mart shares held by Bee Qiao Capital Fund.