DSPOMRT@EC2607A

Hang Seng Index quarterly review changes effective after market close on March 6; Pop Mart not included as blue chip.

HK Market Open: Haitong International predicts strong same-store growth for Pop Mart in 2026.

Pop Mart opens its first permanent store in the Philippines

US ADR market set to open, focusing on overnight price volatility.

Hong Kong 2026/27 Budget Update: No New Consumption Vouchers, Focus on Tourism and Tech

Investors Closely Monitor Pop Mart's Southbound Capital Flows for Feb 25

Blue Whale Finance Releases 2025 Consumption Review: Pop Mart and 'HK Stock Three Sisters' Favored by Capital

Bernstein bears on Pop Mart: Recent rally is 'heavy on sentiment, light on substance', new IP faces global challenges.

Brokerage report on Spring Festival trends highlights Pop Mart leading emotional consumption.

Pop Mart collaborates with 2026 Taipei Lantern Festival; Giant Baby Molly lanterns debut in Ximending today.

Pop Mart to open new US store at Freehold Raceway Mall in March.

Pop Mart secures new LA headquarters lease to accelerate North American expansion.

Hang Seng Index quarterly review changes take effect

Pop Mart continues its share buyback program to boost market confidence.

Pop Mart's 'The Monsters' IP exhibition to open in Paris

Pop Mart expected to go ex-dividend on May 29

FY2025 final dividend is expected to go ex-dividend in late May.

Singapore moves to regulate blind box operations, requiring probability disclosure.

MSCI quarterly index review changes to take effect after market close on Feb 27.

Southbound funds net sold HKD 205 million of Pop Mart shares on February 24.

HKC INT'L RTS

TIANBAO ENERGY

SUMMI

HANG YICK RTS

UNI PRINTSHOP

CHERISH SUN

NE ELECTRIC

SINO GAS HLDGS

MANY IDEA CLOUD

CREATIVE CHINA

TCEHY

01810

XIACY

00700

03690

09992

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The net inflow of the Hong Kong Stock Connect Southbound Hang Seng Technology is HKD 1.585 billion, with Meituan and Xiaomi Group seeing net inflows of HKD 687 million and HKD 438 million, respectively. In terms of net outflows, POP MART, CNOOC, and Tencent experienced net outflows of HKD 205 million, HKD 99.9 million, and HKD 86.77 million, respectively. For the Hong Kong Stock Connect (Shanghai), Tencent had a net inflow of HKD 393 million, while SMIC had a net outflow of HKD 121 million; for the Hong Kong Stock Connect (Shenzhen), the Southbound Hang Seng Technology saw a net inflow of HKD 1.327 billion, while Tencent had a net outflow of HKD 480 million. Overall, the total net outflow for the day was HKD 0, with a total transaction amount of HKD 108.443 billion, accounting for 43.21% of the total market transaction amount

AASTOCKS

Tencent

XIAOMI-W

Xiaomi Corporation

TENCENT

MEITUAN

POP MART

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

CSOP HS TECH

Net inflow of HKD 1.585 billion for Southbound Stock Connect Hang Seng Technology

09988

89988

BABA

MART

HPPD

HBBD

KBAB

BABO

BABX

0223 | Dolphin Research Focus: Macro/Sector. 1) Major shift in U.S. tariff policy in Feb 2026, as the Supreme Court struck down global tariffs imposed under the International Emergency Economic Powers Act (IEEPA) as unconstitutional.The White House then announced a 10% temporary tariff on all global imports effective Feb 24 (later raised to 15%). The measure lasts 150 days and requires Congress approval for extension, with exemptions for critical minerals, pharmaceuticals, and other items.Approx. $175 bn of previously collected tariffs may be refunded. Near term, trade could face disruption, while longer-term cost pressures may ease...

HK stocks on fire; Pop Mart launches 'After-school Merodi' | Daily News Recap

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On February 20th, after the Hong Kong stock market opened, the stock prices of the large model companies KNOWLEDGE ATLAS and MINIMAX both surged significantly, reaching new highs since their listing. As of the time of publication, KNOWLEDGE ATLAS's stock price rose by 36% to HKD 691, while MINIMAX's stock price increased by 12% to HKD 957. Both large model companies have surpassed a market capitalization of HKD 300 billion, overtaking the market values of TRIP.COM, Kuaishou, and JD.com, and approaching the market capitalizations of POP MART (HKD 327.3 billion) and Baidu (HKD 350 billion). (First Financial)

36Kr

MINIMAX-WP

TRIP.COM-S

KNOWLEDGE ATLAS

KUAISHOU-W

KNOWLEDGE ATLAS and MINIMAX's market capitalization surpasses HKD 300 billion, exceeding Kuaishou and TRIP.COM

07200

TCTZF

Hong Kong stocks fell 233 points (0.9%) to 26,469 as trading resumed post-Lunar New Year. The decline was influenced by closed mainland exchanges and weakened global risk appetite due to U.S. military actions in the Middle East and a selloff in private equity stocks. Investors await January's jobless rate, while optimism about travel demand during the Spring Festival provided some support. Tech and consumer stocks led the declines, with major losses from Pop Mart Intl. (-3.3%), Xiaomi (-3.2%), Kuaishou Tech (-3.0%), and Tencent (-2.3%).

- Hong Kong stocks fell 233 points, or 0.9%, to 26,469 as markets reopened after the Lunar New Year break, reversing previous gains.  
- Sentiment was affected by closed mainland exchanges and weakened global risk appetite due to U.S. military actions and a selloff in private equity stocks.  
- Major tech and consumer stocks led the decline, while property and financial sectors showed some resilience, with weekly losses estimated at around 0.6%.

Trading Economics

FL2 CSOP HSI

Tencent Holdings Limited

FI2 CSOP HSI

TRACKER FUND

Hang Seng Index

CSOP CSI300

XI2CSOPHSTECH

FI CSOP HSI

FI2CAMNDQ100

Hong Kong Stocks Slide as Trading Resumes Post-Holiday

Pop Mart, the international art toy brand, faces challenges as its breakout figure Labubu sees a decline in secondary-market prices, while its iconic character Molly celebrates her 20th anniversary. The company’s revenue heavily relies on Labubu, which has experienced significant volatility, contrasting with Molly's steady performance. Despite a surge in revenue from artist IPs, concerns arise over the sustainability of Pop Mart's success, as investors weigh the balance between enduring cultural icons and fleeting viral trends. The company aims to diversify its IP offerings to reassure stakeholders about long-term growth.

- Pop Mart, founded by Wang Ning, initially struggled with brand connection while selling men's suits, leading to insights on the significance of emotional branding.  
- The company now faces challenges balancing the volatile success of its Labubu figure with the steady appeal of its character Molly, as revenue and market dependence shifts.  
- As it expands globally, Pop Mart's strategy focuses on cultivating both breakout IPs and legacy characters, aiming for sustainable growth amid varying market demands.

南华早报

Pop Mart balances boom and bust: can Labubu’s leap match Molly’s momentum?

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Singapore is set to regulate "blind boxes" due to gambling risks associated with these mystery products. The authorities plan to standardize disclosures regarding the probability of receiving specific items. This move aims to mitigate gambling inducement risks, as the blind box trend has significantly boosted sales for companies like Pop Mart and Miniso. While the regulations are being drafted, it remains uncertain how they will impact the sales of these popular products. Singapore's approach is more stringent than that of many other countries, including China, which has also raised concerns about similar products.

- Singapore is set to regulate "blind boxes" to address gambling risks associated with hidden product contents, as announced by the home affairs ministry on February 12.  
- Authorities will consider mandatory disclosure of product probabilities to manage gambling inducement risks, as articulated by Coordinating Minister K Shanmugam.  
- The regulation responds to concerns raised in other countries, including China, regarding the potential for these products to encourage gambling-like behaviors, particularly among children.

Businesstimes News

Miniso

Singapore plans regulation for blind boxes over gambling risks

According to the Hong Kong Stock Connect data, Tencent had a net inflow of HKD 1.429 billion, Xiaomi Group had a net inflow of HKD 1.02 billion, and MEITUAN had a net inflow of HKD 985 million. In terms of net outflows, POP MART saw an outflow of HKD 301 million, Changfei had an outflow of HKD 75.36 million, and Alibaba had an outflow of HKD 10.41 million. The total net outflow for the day was HKD 0, with a total transaction amount of HKD 94.777 billion, accounting for 39.70% of the total market transaction amount

BABA-W

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

Net inflow of HKD 1.429 billion for Tencent through Stock Connect

According to the Hong Kong Stock Connect data, Tencent had a net inflow of HKD 736 million, while Meituan and POP MART had net inflows of HKD 163 million and HKD 144 million, respectively. Alibaba, SMIC, and Changfei had net outflows of HKD 521 million, HKD 391 million, and HKD 160 million, respectively. In the Hong Kong Stock Connect (Shanghai), SMIC had a net inflow of HKD 445 million, while Xiaomi Group had a net outflow of HKD 274 million. The southbound total net outflow was HKD 0, with a total transaction amount of HKD 90.782 billion, accounting for 41.79% of the total market transaction amount

Net inflow of HKD 736 million for Tencent through Stock Connect

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ZIJIN GOLD INTL(02259) rose 9.06%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 56.7%. BILIBILI-W(09626) rose 5.16%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 31.1%. POP MART(09992) fell 5.49%, with a trading turnover 4.4 Billion HKD, and a year-to-date rose 35.9%. MINIMAX-WP(00100) fell 4.82%, with a trading turnover 681.6 Million HKD, and a year-to-date rose 210.9%.

- The Hang Seng Index increased by 0.31%, with a year-to-date gain of 6.4%, while the Hang Seng Tech Index rose by 0.9%, showing a year-to-date decline of 0.3%.  
- Zijin Mining International (02259) saw a rise of 9.06% with a trading volume of HKD 1.7 billion, resulting in a year-to-date increase of 56.7%.  
- Bilibili-W (09626) grew by 5.16%, with a trading volume of HKD 1.22 billion, reflecting a year-to-date increase of 31.1%, whereas Pop Mart (09992) fell by 5.49%, despite a year-to-date increase of 35.9%.

Top Gainers & Losers

ZIJIN GOLD INTL

BILIBILI-W

GANFENGLITHIUM

TECHTRONIC IND

TME-SW

CHINA LIFE

MONTAGE TECH

CPIC

Top 5 HK Stock Gainers/Losers (>100B) (2.11)

POP MART's Hong Kong stock has recently surged by 50%, but data from S3 Partners shows that short sellers have not retreated; the short interest as a percentage of free-floating shares has skyrocketed from 2% to 16%, with a short squeeze risk score reaching a perfect 100. Analysts say this is a rare case of "extremely crowded one-sided betting." Despite the company's efforts to boost confidence through buybacks, short sellers continue to bet on expectations of a slowdown in the company's overseas growth, and the market is facing intense short squeeze risk dynamics

- Bubble Mart's stock surged by 50% in less than a month, yet short-sellers continue to grow, leading to a dangerous standoff, with a short squeeze risk rating at the highest level of 100 from S3 Partners.  
- Despite the significant increase in short interest, the stock has not experienced notable short covering, indicating a strong market structure with short positions rising from 2% to 16%.  
- Analysts highlight a divergence in market perception regarding Bubble Mart's growth, with doubts about performance in key overseas markets driving short-seller interest.

Wallstreetcn

Soaring 50%, short sellers refuse to back down! Is POP MART facing an epic "short squeeze" storm?

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KNOWLEDGE ATLAS(02513) rose 14.81%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 173.5%. DONGFANG ELEC(01072) rose 7.11%, with a trading turnover 810.9 Million HKD, and a year-to-date rose 23%. ZHAOJIN MINING(01818) fell 5.83%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 6.1%. GIGADEVICE(03986) fell 3.82%, with a trading turnover 252.3 Million HKD, and a year-to-date rose 86.4%.

- The Hang Seng Index increased by 0.58%, with a year-to-date rise of 6.1%.  
- The Hang Seng Tech Index rose 0.62%, but has declined 1.2% for the year.  
- Stocks like Zhihua (02513) surged by 14.81% and recorded a significant yearly gain of 173.5%, while stocks like Zhaojin Mining (01818) dropped by 5.83% despite a yearly increase of 6.1%.

DONGFANG ELEC

CSPC PHARMA

INNOVENT BIO

ZHAOJIN MINING

GIGADEVICE

EASTROC

CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (2.10)

Guolian Securities pointed out that POP MART has surpassed the "blind box bubble" stage and is establishing a sustainable IP ecosystem through the Labubu family and new IP matrices like Star People. Its core strategy is global expansion (especially clustering stores in North America) and extending the industrial chain (entering high-frequency consumption scenarios such as baking and jewelry), driving the company to transform from a "super IP" to a Disney-style global evergreen IP group. By 2026, revenue is expected to exceed 51 billion yuan, marking a complete switch in its valuation logic

- An analysis reveals that Pop Mart is evolving from a "blind box" company into a global IP industry chain group, indicating a significant shift in market perception.  
- The company's total revenue is expected to exceed 51 billion RMB in 2026, driven by supply chain management and market expansion into North America and Europe.  
- Additionally, new business lines like POP BAKERY and POPOP are set to enhance IP monetization and customer engagement, supporting a projected 180 billion RMB in adjusted net profit for 2026.

When POP MART squeezes out the "bubble" - from "super IP establishment" to "global evergreen"

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The short selling amount in the Hong Kong stock market reached HKD 18.04 billion in the half-day session, accounting for 16.7% of the total shortable stock turnover of HKD 108.02 billion. The main shorted stocks include Meituan-W with a short selling ratio of 28.2% and a short selling amount of HKD 1.12 billion; CSOP Hang Seng Technology with a short selling ratio of 44.6% and a short selling amount of HKD 1.03 billion; Alibaba-W with a short selling ratio of 16.9% and a short selling amount of HKD 970 million; POP MART with a short selling ratio of 24.1% and a short selling amount of HKD 880 million; and HSCEI with a short selling ratio of 13.8% and a short selling amount of HKD 660 million

Alibaba

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

Hwabao CSI HK Equities Internet ETF

Hang Seng TECH ETF I

Dacheng Hang Seng Technology ETF(QDII)

China Southern Hang Seng ETF

HSCEI ETF

ChinaAMC Hang Seng ETF

Meituan

Ping An HK Equities HSCEI ETF

E Fund CSI HK Connect Internet ETF

The short selling in the Hong Kong stock market for half a day was HKD 18.04 billion, accounting for 16.7% of the total turnover of shortable stocks

Today’s Key News Recap

BABA-WR

Allianzim US Large Cap Buffer10 Mar ETF

POP MART HK SDR 20to1

Alibaba HK SDR 5to1

YieldMax BABA Option Income Strategy ETF

$POP MART(09992.HK) Wah, POP MART is on fire, up again today and looking strong for a 7th straight day of gains. The good vibes come from their latest business update: they sold over 400 million products globally last year, with THE MONSTERS series alone hitting 100 million. For Q1 2026, they expect demand in China to stay &#34;resilient&#34;.

0202 | Dolphin Research Focus: 🐬 Macro/Industry 1) International precious metals have sold off sharply since the weekend, with gold and silver down materially on a hawkish Fed chair nominee, a stronger USD and higher UST yields, concentrated profit-taking, and deleveraging by levered funds. The violent swings highlight fragile risk sentiment; near term, the market likely chops in a consolidation range with elevated vol risk.2) EV startups posted their first Jan delivery prints with wide divergence in YoY growth, and Leapmotor led the pack with 32,059 units. ...

LEAPMOTOR

BYD COMPANY

BYD Company

BYD Company Limited

BYD COMPANY-R

Alphabet - C

Alphabet

TENCENT-R

Tencent HK SDR 10to1

CHINA MOBILE

CHINA MOBILE-R

CN Mobile HK SDR 5to1

China Mobile

Unity Software

BYD HK SDR 10to1

BOYD Gaming

Gold and silver slump, cooling the market; BABA's Qwen adds RMB 3 bn for Lunar New Year | Daily News Recap

0123 | Dolphin Research Focus: 🐬 Stock 1, $BABA-W(09988.HK). After BIDU's Kunlun Chip moved toward an IPO, reports last night said Alibaba is weighing a restructuring of its T-Head semiconductor unit and an independent listing; the company has not commented.T-Head focuses on chip design, offering a full-stack lineup including Xuantie CPUs and Yitian server chips. Its PPU delivers standout performance and is already in large-scale commercial use, with the headlines lifting Alibaba shares by over 2%.Stock 2, $POP MART(09992.HK). Pop Mart has rallied for several consecutive sessions, and on the news side...

Compass

News

Shift4 Payments

ByteDance

NVIDIA

Oracle

XIAOMI-WR

Xiaomi HK SDR 2to1

Tesla

Amazon

SHIFT4 PAYMENTS INC 6.00% SER A MAND CONV PREF STK

Blind-box craze and buybacks fuel POP MART surge; Musk says 'Robotaxi will be ubiquitous in the US this year' | Daily News Recap

DSPOMRT@EC2607A(24782.HK)

Net inflow of HKD 1.585 billion for Southbound Stock Connect Hang Seng Technology

HK stocks on fire; Pop Mart launches 'After-school Merodi' | Daily News Recap ---

KNOWLEDGE ATLAS and MINIMAX's market capitalization surpasses HKD 300 billion, exceeding Kuaishou and TRIP.COM

Hong Kong Stocks Slide as Trading Resumes Post-Holiday

Pop Mart balances boom and bust: can Labubu’s leap match Molly’s momentum?