Fading Labubu Frenzy Wipes $13 Billion From Pop Mart Shares
A Labubu character at a Pop Mart store in Beijing.
Photographer: Na Bian/BloombergThe cooling frenzy over Labubu dolls has brought one of the world’s biggest stock rallies to a halt, erasing billions of dollars from the value of Pop Mart International Group Ltd.
The Chinese toymaker’s stock slumped nearly 9% in Hong Kong, the most since April, after JPMorgan Chase & Co. downgraded the firm due to weak catalysts and an unattractive valuation. Despite the slide, Pop Mart is still up more than 180% year-to-date and remains the top performer on the Hang Seng Index.