Hong Kong's blue chip stocks are experiencing a downturn, with recent market trends indicating a decline from previous highs. According to Ming Pao, the Hang Seng Index outperformed several major markets last year, achieving an annual increase of approximately 28% with a fluctuation range of 8,710 points. Despite the limited space in the Hong Kong stock market, concerns were raised about Pop Mart's vulnerability to the blue chip curse, including overvaluation, declining popularity of popular intellectual properties, and falling second-hand prices. These predictions have now materialized, reflecting the challenges faced by blue chip stocks in maintaining their positions amid market volatility.