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China’s Pop Mart struggles despite buy-backs as Labubu reliance sparks concerns-scmp

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ChinaAMC CSI Animation Game ETF

POP MART

China’s Pop Mart struggles despite buy-backs as Labubu reliance sparks concerns-scmp

Guotai Haitong has reaffirmed a Buy rating for Pop Mart International Group Limited (735), setting a price target of HK$276.00. This follows a similar Buy rating from Jefferies’s Anne Ling on March 29. In contrast, Goldman Sachs maintained a Hold rating on the company on March 26.

- Guotai Haitong has maintained a Buy rating on Pop Mart International Group Limited, setting a price target of HK$276.00.  
- This follows a recent report from Jefferies, where Anne Ling also rated Pop Mart as a Buy on March 29.  
- Conversely, Goldman Sachs issued a Hold rating for the company on March 26, indicating a mixed outlook among analysts.

Tip Ranks

Guotai Haitong Remains a Buy on Pop Mart International Group Limited (735)

A C-Suite executive at Pop Mart's biggest Chinese competitor explains what goes into making a hit toy like Labubu

businessinsider

A C-Suite executive at Pop Mart's biggest Chinese competitor explains what goes into making a hit toy like Labubu

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Hong Kong's three major indices closed lower today, with the Hang Seng Index and the Hang Seng Tech Index undergoing significant corrections, reflecting safe-haven sentiment and short-term volatility under market pressure. Certain auto and resource stocks performed strongly, with Shandong Molong and Geely Automobile attracting concentrated capital, indicating a structural divergence in market focus. As fluctuations in external trade and the macroeconomic environment persist, investors should monitor policy guidance, exchange rates, and international capital flows. This article summarizes the performance of major sectors, market focus stocks, and active trading directions

- On April 2, Hong Kong's stock indices experienced significant declines, with the Hang Seng Index closing at 25,116.53 points, down 0.70%.  
- The market sentiment was pressured by fluctuating import-export rates, leading to uncertainty in corporate profit expectations.  
- Mixed sector performances were noted, with notable gains in select stocks like Geely Automobile, which rose 8.37%, while major tech stocks like Alibaba and Xiaomi faced declines.

LB Select

BABA-W

TENCENT

MEITUAN

GEELY AUTO

CNOOC

SHANDONG MOLONG

ZHIDA TECH

HK.AI CAPITAL

YOFC

SMIC

Hong Kong Market Close | Three major indices fall across the board, tech sector leads declines, while auto and resource stocks remain active against the trend

Pop Mart's stock is plummeting after it revealed that most of its sales come from Labubu

Pop Mart's stock is plummeting after it revealed that most of its sales come from Labubu

POP MART announced yesterday (1st) that it will spend HKD 99.446 million to repurchase 670,000 shares, marking the fifth consecutive trading day of repurchases. Since March 26, the company has repurchased shares totaling nearly HKD 1.3 billion, spending HKD 599 million, HKD 299 million, HKD 199 million, and HKD 99.534 million respectively

Tasty Money

POP MART (9992) has spent nearly 100 million yuan on buybacks, continuing for 5 consecutive days

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BABX

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On April 2, all three major Hong Kong stock indices weakened intraday, with the HSI falling 1.01%, failing to return to the previous trading day's high. Hardware, retail, and internet content sectors declined across the board, led by leading stocks like Xiaomi Group, Alibaba, and Tencent Holdings. Market turnover was active, while YOFC and GEELY AUTO stood out by bucking the trend. Investors are focusing on changes in market volume and macroeconomic recovery guidance

- On April 2, 2026, Hong Kong's three major indices declined, reflecting cautious market sentiment.  
- The Hang Seng Index fell 1.01% to 25,037.41, unable to surpass its previous high, while the tech sector led the losses with Tencent dropping 1.33%.  
- Market participants are closely monitoring upcoming economic data to gauge recovery prospects, amidst a strong US dollar affecting performance.

Market Heartbeat

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BABA 2x Long Daily ETF - GraniteShares

XIAOMI-W

KNOWLEDGE ATLAS

BYD COMPANY

Tencent Holdings Limited

Tencent

Xiaomi Corporation

Alibaba

Hong Kong Stocks Intraday | Three Major Indices Collectively Weaken, Hardware and Retail Slump, XIAOMI-W Drops 3.87%

Pop Mart International Group Ltd. is facing a significant selloff, with shares dropping over 30% recently, leading to a nearly 60% decline from its August peak and a loss of $33 billion in market cap. Analysts express concerns about the company's reliance on its Labubu dolls for growth, with weakening sales and high inventory levels. Despite stock buybacks, investor confidence remains low, and the company must prove it can sustain its IP popularity and introduce new successful characters to regain market trust. Short selling has increased, indicating ongoing skepticism about future performance.

- Pop Mart International Group Ltd. shares have plunged over 30% in five sessions, reflecting deepening skepticism about the company's growth driven by its Labubu dolls.  
- Despite multiple stock buybacks, concerns about weakening sales, high inventory levels, and excessive reliance on a single product line have led to a nearly 60% decline from its August record high, wiping out about $33 billion in market capitalization.  
- Analysts warn that unless Pop Mart can diversify its intellectual property and maintain the popularity of its key brands, it may face further challenges and downward revisions in earnings forecasts.

Bloomberg

Pop Mart’s $33 Billion Rout Casts Doubt on Life After Labubu

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On April 1st, Hong Kong stocks rose across the board, with the Hang Seng Index closing up 2.04% at 25,294.03 points, and the Tech Index rising 2.29%. The internet and retail sectors led the gains, with Tencent and Alibaba making significant contributions, while popular stock KNOWLEDGE ATLAS surged over 31%. The market was buoyed by positive macro data and AI innovation, with active trading, but high-level pressure still needs attention

- On April 1, Hong Kong's three major stock indices rose as risk appetite improved, with the Hang Seng Index closing at 25,294.03, up 2.04%.  
- The technology and internet sectors performed well, benefiting from AI advancements, while the oil and gas sector faced losses due to falling international oil prices.  
- Market focus remains on economic data and potential policy shifts, influencing stock performance and investor sentiment.

CAM HS TECH

CSOP HS TECH

ChinaAMC Hang Seng Technology ETF(QDII)

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Hang Seng TECH Index

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Tianhong Hang Seng TECH ETF(QDII)

Hang Seng TECH ETF I

ZIJIN MINING

Hang Seng Index

China Southern Hang Seng ETF

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Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hong Kong stocks close | Hang Seng Index rises 2.04%, KNOWLEDGE ATLAS surges 31.94% to lead

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On March 31, the three major Hong Kong stock indices collectively closed lower. Market sentiment was significantly pressured by macroeconomic data fluctuations and external environmental factors, with the Hang Seng Tech Index plunging to a near two-week low. The market displayed a clear characteristic of "heavyweight retreat, thematic activity": influenced by oil price volatility and performance expectations, the oil and gas sector and leaders such as YOFC were among the top decliners, while heavyweight tech stocks like Tencent, BABA-W, and Xiaomi also generally weakened. Overall, the market lacks upward momentum in the short term, and investors are focusing on sector rotation and structural opportunities guided by macroeconomic indicators

- On March 31, Hong Kong's three major indices fell collectively, with the Hang Seng Index closing at 24,788.14, showing a slight increase of 0.15%.  
- The Hang Seng Tech Index plummeted 0.86% to 4,649.82, reaching a near two-week low due to negative sentiment in the tech sector, while the China Enterprises Index dropped 0.30%.  
- Key stocks like Tencent and Baidu showed minor gains, but major declines were observed in stocks such as Xiaomi and Alibaba, confirming market pressures amidst external economic fluctuations.

SENSETIME-W

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Hong Kong Stock Market Closing | Three Major Indices Underperform, Tech and Oil/Gas Sectors Slump, Small-Cap Thematic Stocks Explode Against the Trend

As of noon, the three major Hong Kong stock market indices collectively declined significantly, with the Hang Seng Tech Index leading the drop by nearly 1%, reflecting cautious market sentiment and low risk appetite. On the sector front, heavyweight stocks suffered heavy losses, with internet services and fiber optic cable sectors performing poorly. Tencent Holdings experienced volatility, dropping over 0.08%, influenced by reduced buyback activity and substantial short selling. Industry leaders such as Alibaba, YOFC, and BYD Electronic also saw significant pullbacks. Amid pressure on mainstream sectors, market funds exhibited distinct structural arbitrage, shifting towards small-cap themes and emerging economy stocks, with CMON, CH RENEW EN INV, and J&T EXPRESS-W rising sharply against the trend. At the macroeconomic level, investors are closely watching the long-term impact of trade data on industry differentiation. Overall, the current Hong Kong stock market is characterized by intense competition within existing capital pools, displaying a clear pattern of "pressure on leaders, activity in themes."

- As of midday, Hong Kong's three major indices saw significant declines, indicating pressured market sentiment.  
- The Hang Seng Index closed at 24,624.55, down 0.51%, while the Hang Seng Tech Index and the State-owned Enterprises Index fell 0.94% and 0.84% respectively, reflecting overall weaknesses in the market.  
- Investor attention is heavily focused on macro data affecting trade and capital movement, leading to a generally cautious outlook amidst noticeable sector rotation.

BYD ELECTRONIC

CH RENEW EN INV

J&T EXPRESS-W

ZIJIN GOLD INTL

Hong Kong Stocks Midday Review | Hang Seng Index Drops 0.51% Below 25,000 Points, Tech and Fiber Optic Cable Sectors Plunge, CMON Surges Intraday

Powell may not have an FOMC talk, but his recent QnA at a University sparks interests and influenced the market. A simple comment that inflation outlook in check and there's no need to hike rates due to oil shock has the market reacting positively. Let's see how the situation pans out in the next few weeks

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POP MART HK SDR 20to1

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seems like market hasnt bottom, still declining. wheres the end . haha

Fed is in a dilemma. On one hand, he is cautious of rising inflation due to wars &amp; tariff, on the other hand, he is watching unemployment rate in the labor market. Do nothing is the best current strategy for the Fed, till events becomes clearer. Singapore is pivoting to partner other trading blocks to increase trade export to like minded countries. And fast adoption of AI to enhance productivity to address rising cost of doing business here. Is all hands on deck. Singapore has to be ahead of the curve due to fast changing political and economical landscape changes to keep growth on track.

Fed’s dovish is shifting short term sentiment, creating a tactical risk on window. Not a full pivot yet,so stay long quality growth but keep macro hedges in placeTesla TERAFAB – Moving into ultra scale compute fits the AI capex boom, where global demand is surging. For now, it’s a high beta narrative play, with execution risk still the main swing factor.Singapore retains solid growth supported by strong manufacturing and AI driven exports, showing underlying resilience despite external risks.

Musk is again promising the sun and moon; selling a dream, forever over promising and shifting goal posts. With the geopolitical event causing headache and pocket-aches to investors, I don't think anyone would be in the mood to be an all-in bull right now...

7 days into negotiation between US and IRAN, but no news of any breakthrough. The war will be long and the blockade will last. Start being defensive people!

As the war continues, oil will be in short supply and cause Singapore to suffer. Yes we do have 6 months of reserve. But one that used up, we are in the same situation as other South East Asia counties... So be worried peeps!

As usual anything from tesla is to take with a pinch of salt. Elon Musk have always over promise but under deliver. Only when it really launches then believe in the narrative!

As the war continues and oil prices remain high, this will naturally cause inflation to tick higher and hence higher interest. Best to brace yourself for heavy repricing!

HUPOMRT@EC2610B(27603.HK)

HUPOMRT@EC2610B Stock Performance Chart

China’s Pop Mart struggles despite buy-backs as Labubu reliance sparks concerns-scmp

Guotai Haitong Remains a Buy on Pop Mart International Group Limited (735)

A C-Suite executive at Pop Mart's biggest Chinese competitor explains what goes into making a hit toy like Labubu

Hong Kong Market Close | Three major indices fall across the board, tech sector leads declines, while auto and resource stocks remain active against the trend

Pop Mart's stock is plummeting after it revealed that most of its sales come from Labubu