Surprise commentary from a Chinese state-owned media outlet helped to send shares of Pop Mart, the toy store behind the buzzy Labubu dolls, down by 3.6% in Hong Kong trading Friday.
While Pop Mart was not mentioned by name, the store chain relies on “blind boxes” for its toy sales. The toy chain’s shares are now down by just over 12% for the week.
Wang Ning founded the first Pop Mart store in 2010, and the chain soon grew on the back of its own toys, like the Molly doll line. The company debuted on the Hong Kong stock exchange in late 2020.
