Pop Mart closed down 8.49% as the market worries about a slowdown in overseas sales.

PANews, December 8—Pop Mart (09992.HK) shares continued to decline, closing down 8.49% at HK$200.4, with an intraday low of HK$199, marking the largest drop in six weeks. Market concerns over its overseas sales performance have intensified, especially as sales data during the US “Black Friday” period may have fallen short of expectations. Data shows that since December 2, the company’s short selling amount has surged from HK$241 million to HK$623 million, with bearish sentiment significantly increasing.

Previously, Deutsche Bank warned that the Labubu series’ secondary market premium had fallen significantly due to a sharp increase in production capacity and gave a “hold” rating; Morgan Stanley predicted significant sales growth for the Labubu series in 2024, but expected growth to slow in 2025, lowering the target price to HK$325. Although Pop Mart’s third-quarter revenue increased by 245%-250% year-over-year, with overseas markets growing 365%-370%, the stock price failed to stop falling. Analysts believe that as the company transitions from “explosive growth” to “sustainable growth,” its future growth momentum is in doubt, which may limit the stock’s upside potential.