Pop Mart Shares Drop Amid Cooling Labubu Hype and JPMorgan Downgrade
The hype around Labubu dolls has faded, leading to a nearly 9% drop in Pop Mart's stock in Hong Kong and erasing about $13 billion in value, as JPMorgan downgrades the company due to weak catalysts and declining secondary market demand, despite its strong year-to-date performance.