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SFSY NEW MAT

IMPERIUM FIN GP

XUNCE

PETRO-KING

SUNWAY INT'L

WANJIAGROUP RTS

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JINYUAN HCHEM

SKYMISSION GP

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According to media reports citing information from a U.S. commercial real estate information company, POP MART has signed a lease for a 22,000 square foot office building in Culver City, California, to serve as the group's new headquarters in the United States, responsible for coordinating the brand's operations in the North American and Latin American markets. This information has been officially confirmed by POP MART

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POP MART HK SDR 20to1

POP MART

POP MART will establish a regional headquarters in California, USA to expand its North American business

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POP MART has recently engaged in direct communication with Wang Ning and Tao Ye, the founders of Piotech, to explore the possibility of reconciliation or cooperation. This move is in response to POP MART's infringement lawsuit against Piotech, which stated that it had not received any warnings and was taken by surprise. POP MART, on the other hand, claimed that its legal team had communicated with Piotech regarding the infringement issue in 2025

Piotech

It is reported that POP MART is in direct communication with the founder of Piotech to explore the possibility of reconciliation or cooperation

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POP MART announced a collaboration with Sanrio to launch a new series, debuting the LABUBU x Cinnamoroll version. LABUBU showcased 6 products from the Sanrio series at its 10th anniversary exhibition in Paris. Additionally, POP MART launched a new IP "After School Merodi" last week, which includes 12 regular items and 1 hidden item, with a single blind box priced at 69 RMB and a full box priced at 828 RMB

Tasty Money

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Guotai CSI Animation Game ETF

ChinaAMC CSI Animation Game ETF

Sanrio Company, Ltd.

POP MART and Sanrio will launch a new series featuring Labubu and Cinnamoroll for the first time. Check the article for prices

Pop Mart International Group has filed a copyright infringement lawsuit against Bambu Lab, alleging that its MakerWorld platform allows users to upload design files for the Labubu toy, enabling unauthorized 3D printing. The case raises questions about the legal responsibilities of platform operators regarding user-uploaded copyrighted designs. Bambu Lab, a significant player in the 3D-printing industry, has faced previous copyright litigation. Pop Mart has intensified its efforts against intellectual property violations, with millions of counterfeit Labubu products seized in recent years.

- The dispute involves MakerWorld, a 3D-model platform operated by Bambu Lab, where users uploaded designs of Pop Mart's Labubu, raising questions about legal responsibilities for copyright infringement in consumer 3D printing.  
- Bambu Lab, established in 2020 and growing rapidly, now has nearly 10 million users while Pop Mart's Labubu toy generated over 30% of its revenue by 2025, prompting the company to crack down on intellectual property violations.  
- This legal challenge is not Bambu Lab's first, as it previously faced copyright litigation from the studio of The Legend of Luo Xiaohei, with a hearing on that case scheduled for March 20.

vnexpress

Printing Labubu dolls at home: Pop Mart sues 3D printer firm for copyright violations

Pop Mart International Group has filed a copyright infringement lawsuit against Bambu Lab, a 3D printer manufacturer, over the unauthorized sharing of design files for its character Labubu on Bambu's MakerWorld platform. This case raises questions about the liability of platform operators for user-uploaded copyrighted content. Labubu, which significantly contributes to Pop Mart's revenue, has been a target of IP violations, with millions of counterfeit products seized. The outcome may depend on the "safe harbour" doctrine regarding platform responsibility for infringing content.

- POP Mart International Group has initiated a copyright infringement lawsuit against Bambu Lab over the distribution of 3D designs of its character Labubu on the MakerWorld platform.  
- The case raises significant questions about the liability of platform operators regarding user-uploaded copyrighted designs, reminiscent of early digital music sharing controversies.  
- Bambu Lab, which has a substantial user base, previously faced copyright litigation and has actively addressed competitive threats to its model-sharing service.

Businesstimes News

Pop Mart sues 3D-printer firm in Labubu copyright fight

Pop Mart's recent launch of the Merodi character in Hong Kong has faced challenges, with low initial sales and limited customer recognition. Despite the tepid response, analysts remain optimistic about the company's strategy to introduce new intellectual properties (IPs) to maintain interest. Pop Mart's shares rose over 2% amid concerns about the sustainability of its success, particularly following the popularity of its flagship character, Labubu. The company aims to adapt its product roll-out based on market response, acknowledging the need for new IPs to gain traction over time.

- Pop Mart's new character, Merodi, launched in Hong Kong's Causeway Bay, has received a lukewarm response compared to previous hits like Labubu.  
- Despite this, investors remain optimistic, as the company's shares rose over 2 percent, reflecting confidence in the potential long-term success of new intellectual properties.  
- Market analysts suggest that while some IPs may not achieve immediate popularity, ongoing efforts to adapt and promote them will keep Pop Mart relevant in the competitive toy industry.

SCMP

Pop Mart’s Merodi Hong Kong debut highlights challenges of sustaining IP success

Pop Mart International Group (OTCMKTS:PMRTY) shares gapped down from $31.63 to $28.61 before trading on Wednesday, closing at $29.79 with a volume of 673 shares. The company's fifty-day moving average is $27.60, while the 200-day average is $30.66. Pop Mart, founded in 2010, specializes in collectible art toys and has a Moderate Buy rating among analysts, though it is not currently recommended as a top buy.

- Shares of Pop Mart International Group Limited gapped down from a previous close of $31.6340 to open at $28.61 on Wednesday.  
- The company's fifty-day simple moving average is $27.60, while the two-hundred-day simple moving average stands at $30.66.  
- Pop Mart is known for its collectible art toys, with a portfolio that includes various artist-led series and thematic collections, but it is currently not among the top picks recommended by analysts.

Market Beat

Pop Mart International Group (OTCMKTS:PMRTY) Shares Gap Down   - Here's Why

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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

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

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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)

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

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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

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Tencent Holdings Limited

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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.

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.

Miniso

Singapore plans regulation for blind boxes over gambling risks

Today’s Key News Recap

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Allianzim US Large Cap Buffer10 Mar ETF

Alibaba HK SDR 5to1

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

$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. ...

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BYD Company

BYD Company Limited

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Alphabet - C

Alphabet

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Tencent HK SDR 10to1

CHINA MOBILE

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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...

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Xiaomi HK SDR 2to1

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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

SpaceX's space data center plan is the real story. It's not an aerospace IPO; it's a cloud infrastructure IPO

Featured

A major trade fear lifts, sparking huge moves and bold plans. Here's what's moving markets this Thursday:

Intel

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Apple

🔥 BREAKING: Tariffs CANCELLED, Tech Explodes | Thur, Jan 22, 2026

0122 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced in Davos that he and NATO Sec.-Gen. Rutte reached a framework on Greenland and the Arctic, centered on access for mineral development and Arctic defense cooperation. Both parties stated that Greenland's sovereignty was not on the table. On that basis, he deferred the tariff hikes on eight European countries that were scheduled for Feb 1.In the near term, this eases US‑EU trade frictions and lowers volatility risk for global supply chains and US/EU export plays. However, it remains only a framework with no implementing clauses, so longer‑term geopolitical and trade uncertainty persists...

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Baidu HK SDR 10to1

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AppLovin firmly rejects short-seller report; BIDU debuts ERNIE 5.0 | Daily News Recap

Trump said in his press that a framework has been achieved and there should not be any military/forceful takeover of Greenland. Bullish for now but anything can change

SG#POMRTRP2812U(68934.HK)

POP MART will establish a regional headquarters in California, USA to expand its North American business

It is reported that POP MART is in direct communication with the founder of Piotech to explore the possibility of reconciliation or cooperation

POP MART and Sanrio will launch a new series featuring Labubu and Cinnamoroll for the first time. Check the article for prices

Printing Labubu dolls at home: Pop Mart sues 3D printer firm for copyright violations

Pop Mart sues 3D-printer firm in Labubu copyright fight