Pop Mart saw a slight dip, which is quite decent given the overall sell-off in the Hong Kong stock market.
The hype around Labubu remains strong, and overseas stores continue to expand. With no new fundamental variables, the decline reflects a drop in market sentiment.
Valuations for trendy toys have never been cheap, nor has the controversy: Can the IP lifecycle truly support this market cap? Believers focus on repeat purchases and global expansion, while cautious investors keep an eye on second-hand market prices. I'm somewhere in between—holding a light position to follow the story, but if I were heavily invested, I'd have to monitor second-hand prices daily.
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