Labubu maker Pop Mart's shares slide after China state media calls for stricter oversight of blind-box craze
HONG KONG, June 20 — Shares in Pop Mart International Group tumbled in Hong Kong trading after a Chinese state media commentary reignited regulatory concerns over the booming blind-box toy sector, triggering a sell-off in the toymaker's stock and related counters.
The Beijing-based company, famed for its wildly popular Labubu dolls, saw its shares drop as much as 6.6 per cent yesterday, adding to a 5.3 per cent slide the day before.
The losses came after People's Daily, the official newspaper of the Chinese Communist Party, ran a commentary urging tighter regulation of 'blind cards' and 'mystery boxes'.
While the article did not name Pop Mart directly, it highlighted concerns that such products could lead to addictive buying behaviour among minors.
'China should further refine regulations for 'blind cards' and 'mystery boxes' as some of the current business models easily induce minors to become addicted to purchasing these products,' the commentary said, citing legal experts.
The remarks rattled investor confidence, putting the brakes — at least temporarily — on what has been one of the most dazzling rallies among Chinese consumer stocks this year.
Pop Mart shares have still surged nearly 170 per cent in 2025, fuelled by a global pop-culture frenzy over its stylised vinyl figurines.
'The commentary has weighed on investor sentiment, flashing some overheating signs in the business,' said Steven Leung, executive director at UOB Kay Hian Hong Kong, to Bloomberg.
'Still, it's a mild reminder as it didn't come directly from a government official.'
Pop Mart, valued at around US$40 billion (RM170.2 billion), sells many of its figurines in opaque packaging, with buyers only discovering which character they've purchased after opening the box.
Prices start at about 69 yuan, but limited editions can fetch eye-watering sums.
Last week, a human-sized Labubu figure sold at auction in Beijing for 1.08 million yuan, underscoring the dolls' transformation from novelty items to sought-after collectibles.
According to Bloomberg, the broader sector also took a hit, with shares of rival Bloks Group down as much as 9.3 per cent.
Meanwhile, trading card maker Kayou — which shelved its IPO in 2024 following similar scrutiny — has only recently revived its listing plans.
The regulatory overhang is not new. In 2023, China banned the sale of blind boxes to children under eight, citing addiction risks. Such concerns have remained a recurring theme in investor discussions around the sector.
Still, analysts told Bloombeg they remain largely bullish.
Pop Mart remains the top performer on the MSCI China Index this year, buoyed by growing international appeal.
Celebrities such as Rihanna and Blackpink's Lisa have been seen with the toys, lending the brand street cred abroad.
Wall Street has responded by raising price targets, pointing to the expanding influence of Pop Mart's intellectual properties.
Despite the recent sell-off, some investors remain optimistic that Beijing will tread carefully, mindful of the brand's global success.
Policymakers have previously expressed support for homegrown consumer brands making a global splash — a category Pop Mart now firmly belongs to.
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