How do whales influence the market? In mid-April, Duan Yongping made a move by selling put options on Pop Mart.

Duan Yongping is accustomed to U.S. stocks (1 put contract = 100 shares), thinking it corresponds to about 22.5 million shares. But in Hong Kong stocks, one Pop Mart put option contract = 200 shares, actually representing 45 million shares. If all options are exercised at expiration (assuming the strike price is around 140-150 HKD), the potential capital requirement is nearly 10 billion HKD. He could directly become Pop Mart's third-largest shareholder (second only to founder Wang Ning and the management team).
At that time, Pop Mart's market had already been halved from its high, so the market saw a whale with such a huge volume of funds at the 140 level eating up the order book. Everyone was afraid to short. On that day, Pop Mart's stock price surged by 8%.