On April 25, Pop Mart reached a major milestone: its app soared to the No. 1 spot in the Shopping category on the U.S. App Store—a historic first for the Chinese collectible toy giant. Just a day prior, on April 24, the highly anticipated LABUBU 3.0 series launched online in mainland China and sold out instantly, reinforcing LABUBU’s massive global appeal.
This frenzy was immediately reflected in the markets. Pop Mart’s stock jumped 12% recently, hitting an all-time high—a remarkable move that captured the attention of both fans and investors. As of now, the stock trades at around HKD 197.70, nearly brushing against its 52-week high of HKD 199, and leagues away from its 52-week low of just HKD 32.96. That’s an almost 500% rise from its low in just one year.
POP MART (09992)
What’s Driving the Pop Mart Surge?
1. IP Powerhouse in the Making
Pop Mart’s success is rooted in its original intellectual properties (IPs). While Molly was once its signature character, newer IPs like LABUBU are helping the company diversify its portfolio and expand into different aesthetic and emotional niches. LABUBU, in particular, seems to have cracked the code for cross-market appeal—with fans in China, Southeast Asia, and now increasingly in the West.
2. Scalability of Blind Box Economics
The “blind box” business model taps directly into FOMO and collecting psychology. Pop Mart is brilliant at creating limited-edition scarcity, design variation, and a strong community that thrives on surprise and trading. With digital platforms like the Pop Mart app gaining traction, especially in new markets like the U.S., this model scales extremely well.
3. Local and global appeal
LABUBU is more than just a cute figurine—it’s a standout character with broad appeal. The character’s unique look, emotional range, and stylized backstory resonate across cultures. LABUBU 3.0's rapid sell-out in China followed by its global hype shows Pop Mart’s increasing skill at launching products with both local and global appeal.
4. Pop Mart Is Going Global
The U.S. App Store milestone signals that Pop Mart is not just a Chinese brand anymore. The company is establishing global retail presence, investing in overseas pop-up stores, and collaborating with international designers.
My Take: Why I’m Not Buying Yet (But Still Watching)
Personally, I don’t own any Pop Mart products—and I don’t plan to. While I respect the strength of their design and brand, it’s not my style. I also don’t particularly prefer LABUBU over MOLLY; both serve a similar purpose as collectible art toys and I see them as equally representative of the brand's aesthetic DNA.
When it comes to the stock, I feel like I may have missed the boat—for now. At nearly HKD 198, it’s very close to the 52-week high, and I’m wary of buying at the top. The dividend yield also seems low, which means this is more of a growth play than an income one. And in markets like this, timing matters.
That said, I do believe Pop Mart is a great company with strong IPs, a loyal fanbase, and scalable international potential. If the stock pulls back significantly—or if they announce a truly breakout global hit like a movie or digital collectible integration—I might reconsider.
Key Risks to Watch
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If characters like LABUBU lose steam, revenue could take a hit. Not all IPs will be runaway successes.
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Global expansion challenges: Pop Mart is still a newcomer in Western markets. Navigating regulatory, cultural, and retail hurdles won’t be easy.
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Economic downturns: In a recession, collectibles are often among the first discretionary items consumers cut.
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Saturation of blind box model: Too many launches or similar products may dilute interest over time.
Final Thoughts
Pop Mart isn’t just riding a trend—it’s building a collectible empire. With LABUBU 3.0’s explosive success and its U.S. App Store debut, it’s clear the company has real momentum. Whether that momentum turns into long-term shareholder value is yet to be seen.
But one thing is clear: Pop Mart knows how to design hype—and for now, it's working.
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