Duan Yongping Discloses Tencent Put Sale on Xueqiu: 2,000 Contracts Sold for About HK$2.084 Million in Premium
Investor Duan Yongping has again positioned in Tencent Holdings by selling put options. On October 2, as Tencent fell in Hong Kong trading, a user on the Xueqiu platform asked Duan whether Tencent's corporate culture fell into what he calls the part of "the great way" that is hard to see clearly. Duan replied by posting a screenshot of his trade: "Let me sell some puts first." Shanghai Securities News reported the trade on October 7 via Sina Finance and other outlets; this story is dated to October 2, the day of the post.
The screenshot shows Duan sold 2,000 Tencent put contracts with a strike price of HK$420 expiring on October 29, 2026. The order was fully filled, and he collected about HK$2.084 million in premium. If the options are exercised at expiry, he will take delivery of 200,000 Tencent shares at HK$420 each.
The trade came during a pullback: Hong Kong stocks traded on four days over the National Day holiday period, during which Tencent fell 2.41%. On October 7, Tencent shares dipped intraday to HK$419.2 before closing at HK$420.6. From October 6, 2025 to October 7, 2026, Tencent's share price fell more than 36%, while the Hang Seng Tech Index lost nearly 36% over the same span.
Duan has followed Tencent for years and has often explained his put-selling approach in public. "I mostly sell puts when a company I like is priced in a neither-high-nor-low range and I happen to have some idle cash," he has said. "Thinking that the price won't look expensive ten years from now, and since the money is sitting idle anyway, I sell a put." In April this year, responding to a user's analysis suggesting he had trimmed his Tencent holding, he said Tencent is a very good company and one should be reluctant to sell it. In August, he disclosed that his Tencent holding had never reached 1% — at a market value of roughly HK$4 trillion at the time, 1% would have been a little over HK$40 billion. (GSM, based on Shanghai Securities News and Sina Finance reporting)
Published by GSM · USA (original Chinese edition)
Photo: 图：香港中环交易广场，香港交易所所在地（资料照片）。段永平本人暂无开放授权照片，故以交易发生地市场地标配图。图片来源：Ank Kumar，经 Wikimedia Commons（CC BY-SA 4.0）。Photo: Exchange Square in Central, Hong Kong, home of the Hong Kong Stock Exchange (file photo). No openly licensed photo of Duan Yongping was available. Source: Ank Kumar, via Wikimedia Commons (CC BY-SA 4.0).
