Overview

• The People’s Daily condemned the blind-box format as a “business trap” that exploits unpredictable rewards and warns minors are especially vulnerable.
• Pop Mart’s Hong Kong-listed shares fell over 5% on Friday, extending losses to 11% in two days and wiping out HK$36 billion in valuation.
• Despite the sell-off, Pop Mart’s market capitalization remains near $38.5 billion after a year-to-date stock gain exceeding 160%.
• Collector demand for Labubu endures, with rare figures reselling for thousands of dollars and a 4-foot doll fetching $170,000 at auction.
• Celebrity endorsements from Rihanna to BLACKPINK’s Lisa and viral TikTok unboxing videos continue to fuel global Labubu mania even as regulators consider tighter rules.