Understanding the Market | POP MART rises over 5% in early trading, Apple CEO Tim Cook appears at POP MART in Shanghai, Morgan Stanley states the company is affected by tariffs

POP MART rose over 5% in early trading, and as of the time of writing, it is up 4.6%, priced at HKD 273, with a transaction volume of HKD 1.343 billion. On the news front, on the afternoon of October 13, Apple CEO Tim Cook appeared at the THE MONSTERS 10th Anniversary Tour in Shanghai, marking the first stop of Cook's visit to China. At the exhibition, POP MART founder Wang Ning and LABUBU artist Long Jiasheng had close interactions with Cook, touring the original manuscripts and diverse products of the LABUBU series together. Long Jiasheng demonstrated to Cook how to draw LABUBU on the iPad Pro, and Wang Ning presented Cook with a surprise gift—the LABUBU leader ZIMOMO. Additionally, Morgan Stanley released a research report, predicting that POP MART is less affected by tariffs, with a rating of "Overweight." Considering the progress of China-U.S. trade negotiations so far this year, the firm believes that the impact on POP MART is relatively low. Since about 75% to 80% of toy imports to the U.S. come from China, even if these toys are subject to higher tariffs, it will not change the company's relative advantage