AsianFin -- Shares of Pop Mart International Group Ltd. slid in Hong Kong after a Chinese state media commentary urged tighter regulation of blind-box toys and trading cards, sparking investor jitters over the company’s flagship Labubu doll business.

Though the commentary didn’t name Pop Mart directly, it rattled markets amid mounting concerns that the government may target the fast-growing, surprise-based toy segment. Pop Mart’s signature products are often sold in sealed “blind boxes,” leaving buyers unaware of the specific figurine inside until it’s opened — a model that has fueled its popularity and a nearly 170% surge in its stock this year.

The Beijing-based toymaker, valued at around $40 billion, saw its shares fall as much as 6.6% on Friday, after a 5.3% decline the previous day. Shares of rival Bloks Group Ltd., which also sells collectible blind-box items, dropped as much as 9.3%.