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Pop Mart Shares Slide After Livestream Sparks Pricing Backlash

Nov 07, 2025, 1:30 a.m. ET

Shares of Pop Mart International Group Ltd., the Hong Kong-listed creator of the popular Labubu toy line, dropped more than 5.5% on Friday, hitting their lowest level since May.

The decline came after a livestream incident reignited scrutiny over the company’s product pricing.

The sell-off followed a viral clip in which a Pop Mart employee appeared to question the value of a blind box item during a Thursday livestream, according to Chinese media outlet The Cover.

The item in question — a phone chain blind box priced at 79 yuan ($11) — drew widespread criticism on social media, fueling concerns among investors about Pop Mart’s pricing strategy.

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