Pop Mart Shares Down Nearly 44% in 4 Months, Over HK$200B Market Cap Wiped Out

Published:December 10, 2025

Reading Time:1 min read

Pop Mart’s stock has plunged nearly 44% in four months, losing over HK$200 billion (≈$25.7 billion USD) in market cap as Deutsche Bank warns aggressive Labubu production may kill the brand’s scarcity appeal.

On December 9, Pop Mart (9992.HK) continued its slide, dropping another 4.94% intraday. Since its August peak, the stock has fallen approximately 44%, erasing more than HK$200 billion (≈$25.7 billion USD) in market value.

Deutsche Bank warned that to meet surging Labubu demand, Pop Mart is ramping monthly production from 10 million units in H1 to 50 million by year-end, noting that mass production often signals the beginning of the end for scarcity-driven trendy toy brands.

Source: Daily Economic News