Shares in Pop Mart International Group Ltd., the company behind the popular Labubu collectible toys and blindbox, slumped more than 5.88% on Friday, reaching their lowest point since May following renewed criticism over its pricing structure. This time from its own employee.
The selloff on the Hong Kong exchange was triggered after a video clip—originally reported by Chinese media outlet The Cover—gained traction online. In the clip, a Pop Mart staff member appeared to question the value proposition of a blindbox item during a livestream event held Thursday. The blindbox in focus, a phone chain priced at 79 yuan ($11), quickly became a subject of social media debate.
Users on platforms such as Xiaohongshu and Weibo suggested that the employee’s remarks reflected the high price of Pop Mart’s products, with some stating the pricing was difficult to justify.
A company spokesperson told Bloomberg News that Pop Mart is currently conducting an internal review into the incident.
Pop Mart’s share price has faced significant downward pressure in recent months, losing 40% since it peaked in late August at HKD 339.8 per share, influenced by profit-taking and uncertainty regarding future demand. Despite the recent decline, shares are still up 115% year to date. The price settled on Friday at HKD 204.8 per share.
