---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000563089.md"
description: "$POP MART(09992.HK)Pop Mart: Is the Labubu Fever Breaking? According to The Straits Times (2 April), Pop Mart’s staggering $42 billion valuation wipeout signals a “Labubu-sized” identity crisis. Investors are pivoting away from treating the toy maker as a high-flying, tech-adjacent firm, focusing instead on the structural risks of it being a fleeting consumer trend.🔹 Technical Snapshot: Catching a Falling Knife?❤️ On the 4H chart, it shows a clear vertical selloff from HKD 220–230 zone down to 141.8.❤️ Bollinger Band Exhaustion: The price is “hugging” the lower band (HKD 112.8). While technically overextended, the absence of a meaningful bounce suggests sustained selling pressure rather than an imminent reversal.❤️ RSI Conditions: The RSI is deep in oversold territory at 25.39. Current momentum is so bearish that the RSI is simply “sliding” along the floor.❤️ Resistance Levels: The 20-period SMA (blue line) at HKD 169.1 serves as the immediate ceiling.🔹 Fundamentals Snapshot :❤️ IP Over-Concentration: Labubu accounted for nearly 40% of 2025 revenue. This extreme reliance creates a “single point of failure”.❤️Inventory Red Flags: Inventory turnover has spiked to 123 days. This suggests that while production remains high, the “sell-through” rate is decelerating.❤️Valuation De-rating: Now trading at 10.3x forward earnings, the stock sits at a record-low valuation. However, the market is pricing in a “growth trap”.❤️My Verdict: Patience Over PanicPop Mart is currently a high-risk contrarian play, with high rewards. While the valuation is objectively tempting and management is active with share buybacks, the technicals have yet to signal a definitive bottom.Stay prudent, wait for a “basing” pattern. Look for the price to consolidate between HKD 140–150 for several sessions without posting new lows.Not financial advice. Trade safety and stay vigilant at all times."
datetime: "2026-04-06T00:12:34.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000563089.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000563089.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000563089.md)
author: "[Fattycat](https://longbridge.com/en/profiles/19854884.md)"
generator: "portal-rs"
---

# $POP MART(09992.HK)Pop Mart: Is the Labubu Fever B…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**