Pop Mart’s Labubu Risks Beanie Baby-Style Bust, Analyst Says

The euphoria surrounding Pop Mart International Group Ltd.’s Labubu toys is starting to resemble the boom-and-bust cycle that ended in the collapse of Beanie Babies in the 1990s, according to the only analyst with a sell rating on Pop Mart shares.

The hype over the sharp-fanged monster dolls is about to peak, and doubts about the next sales driver for Pop Mart suggest its shares have limited upside, said Melinda Hu, a senior research analyst for Asia consumer stocks at Bernstein in Hong Kong.