Overview

• Pop Mart’s Hong Kong-listed shares plunged over 5% on Friday and recorded a more than 13% weekly loss—their first negative week since early May—after Morgan Stanley removed the stock from its China focus list.
• A People’s Daily commentary labelled blind boxes “business traps” that exploit addictive impulses in consumers, particularly minors, and called for stronger regulatory safeguards.
• The Labubu doll craze has lifted Pop Mart’s market value past HK$365 billion and driven CEO Wang Ning’s net worth to $22.7 billion, ranking him among China’s ten wealthiest individuals.
• Celebrity collectors including Rihanna, Dua Lipa and BLACKPINK’s Lisa have amplified Labubu’s viral appeal on platforms like TikTok and Instagram, cementing its status as an international must-have.
• Rare Labubu variants have fetched up to $170,000 at Beijing auctions, and owners are now insuring their plushies like luxury assets to protect their investments.