Pop Mart shares plunge 23% amid concerns over Labubu reliance
Shares tumbled despite robust annual results as investors worry the company relies too heavily on its Labubu designer dolls.
Pop Mart's stock plunged 23% on Wednesday even though the Chinese toymaker reported strong annual earnings. Investors voiced concern that the company is overly dependent on its wildly popular Labubu dolls, undermining confidence in its broader growth prospects.