Author: 137Labs
When Duan Yongping's name appears again in an SEC 13F filing, the market always takes a closer look. The investor, a long-term practitioner of principles and long-termism, submitted a holdings report for Q1 2026 through his H&H International Investment account that carries significant signals.
The most noteworthy point is his first disclosed position in Circle. Holding 200,000 shares, valued at approximately $19.08 million, accounting for 0.1% of the portfolio. This seemingly small move is like a stone thrown into a pond, creating ripples that reveal his cognitive reach into crypto stablecoins, digital payments, and broader emerging financial infrastructure. The entry into Circle serves as the best entry point to observe the rebalancing of his overall portfolio and the evolution of his circle of competence.
This article systematically reviews his investment logic and the market signals released, following four key threads: major US stock adjustments in Q1 2026, breakthrough moves in the Chinese market, expansion in the AI and emerging tech sectors, and the dynamic application of his investment framework.
Overview of US Stock Holdings
As of March 31, 2026, H&H International Investment managed approximately $20.004 billion, holding 19 securities, with the top ten holdings constituting a high 99.2% of the portfolio. This portfolio maintains a highly concentrated style while achieving significant growth in size compared to the previous quarter, with the number of holdings expanding from 14 to 19.
New positions were a highlight this quarter, with 8 new securities added.
Notably, a first-time position in Tesla was established with 3.4089 million shares, valued at approximately $1.267 billion, making it a top-five holding. This substantial move signals Duan Yongping's recognition of the long-term potential of electric vehicles, autonomous driving, and the energy ecosystem.
Let's talk specifically about this small position in Circle. As a newly disclosed position this quarter, Duan Yongping holds 200,000 shares of Circle stock, with an average price of about $95.41, valued at approximately $19.08 million, accounting for only 0.1% of the portfolio. This small exploratory position points towards compliant stablecoin infrastructure and the digital payments sector, reflecting his cautious exploration in emerging finance. Although extremely light, it signals a preliminary judgment on long-term cash flow characteristics and compliance advantages, making it the only crypto-related asset in the portfolio.
Other AI-related new positions include Palantir, Snowflake, Synopsys, CrowdStrike, Innodata, etc. These stocks collectively round out the AI industry chain layout, covering enterprise decision platforms, data cloud, chip design, cloud security, and AI training data services, demonstrating a prudent path of starting with small, diversified positions for validation before gradually focusing.
The direction of increased holdings is equally clear. The position in Nvidia was nearly doubled, holding 13.84 million shares valued at $2.414 billion, with its weight rising to 12.07%.
Pinduoduo's holding was increased by 8.21 million shares, valued at $2.018 billion, with its weight exceeding 10% for the first time.
Berkshire Hathaway's holding was increased by 27%, with 9.14 million shares valued at $4.384 billion, accounting for 21.91%.
Apple, holding 28.94 million shares valued at $7.346 billion, remains the largest position at 36.72%, but funds were freed up through moderate reduction for new opportunities.
Complete exits included Alibaba, ASML, CoreWeave, and others. Overall adjustments show an orderly flow of capital from some traditional holdings towards AI, consumer tech, and emerging fields, achieving dynamic optimization while maintaining high concentration.
New Moves in AI and Consumer Tech
Duan Yongping's new AI positions in 2026 were the most prominent. Nvidia was significantly increased from a previous base position to become the third-largest holding, reflecting his deepened understanding of its computing power moat, Jensen Huang's team, and the long-term value of the AI industrial revolution. Concurrently, new small positions in AI chain stocks like Palantir and Snowflake were established, showing his prudent method of testing with small positions before gradually focusing. The first-time, substantial new position in Tesla is similarly significant. The size of 3.4 million shares directly contributes $1.267 billion in value. This decision, combined with the simultaneous increase in Pinduoduo, points to his comprehensive assessment of global consumer tech trends, including electrification, intelligence, and supply chain synergy.
The small new position in Circle further extends into emerging financial infrastructure, still signaling preliminary recognition of stablecoins' compliance attributes and long-term cash flow potential. These new positions together constitute a signal of increased allocation towards long-term industry trends. Under a fully invested premise, Duan Yongping achieved a moderate tilt towards AI and consumer tech through rebalancing, while maintaining a cautious risk control rhythm.
Pop Mart China Market Strategy
The most watched new position in 2026 occurred in Hong Kong-listed Pop Mart. Duan Yongping had previously mentioned his evolving understanding of the trendy toy sector, which saw a significant shift in 2026. Starting in April, he initiated a position through selling put options, then explicitly announced on May 7th the complete liquidation of China Shenhua to replace it with Pop Mart. This swap process demonstrates a complete logical chain. He publicly expressed recognition for founder Wang Ning, emphasizing his youthful energy and potential for over 25 years of continuous operation. He also highly praised Pop Mart's brand moat, artist contracting system, global store network, and channel control. This path from initial testing to substantial commitment marks an active expansion of his circle of competence into the Gen Z emotional value and IP operation sectors. The Pop Mart position releases a clear market signal. It points to the long-term potential of emerging categories within Chinese consumption trends, while also reflecting an entrepreneur's perspective resonating with young founders and good businesses. This move forms cross-market synergy with the increased Pinduoduo position in US stocks, jointly emphasizing the importance of consumer tech and brand value.
Investment Logic and Market Signals
Duan Yongping's 2026 positions highly reflect the application of his core investment framework. 'Good business' is reflected in the choice of long-term moats in AI computing power, consumer tech platforms, and IP/emotional value sectors. 'Right people' is shown in the continued recognition of entrepreneurs like Tim Cook, Colin Huang, and Wang Ning. 'Reasonable price' is achieved through rebalancing during valuation adjustments and option strategies for low-cost entry. The highly concentrated portfolio amplifies returns while managing risk through small exploratory positions and rebalancing mechanisms. Synergistic layouts across US and Hong Kong stocks showcase the practice of a Chinese investor with a global vision. Collectively, these moves release market signals: value investing maintains adaptive adjustments in the AI era and against the backdrop of Chinese consumption recovery, achieving boundary expansion through continuous cognitive iteration.
Conclusion
The 2026 positions show Duan Yongping continuing to moderately embrace emerging opportunities based on his value core, while maintaining the cautious approach of 'acting only after understanding.' Looking ahead, the deepening of AI and Chinese consumption trends may become key focal points for subsequent observation. For investors, the core value of these moves lies in learning the underlying logical process, not simply copying specific holdings. Only by adhering to long-termism within one's own circle of competence can sustainable returns be achieved.
Disclaimer: This article is for informational purposes only and does not constitute any investment advice. Crypto markets are extremely volatile. Investing carries risks; please conduct your own research and bear the consequences independently.
