Labubu Maker's Shares Pop as Other Collectibles Gain Traction

By Jiahui Huang

Shares of Pop Mart climbed to a two-month high as investors cheered signs that the toy maker's other collectibles are gaining popularity amid the cooling Labubu hype.

The Hong Kong-listed stock jumped as much as 9.2% on Friday before pulling back slightly to close at 219.60 Hong Kong dollars, its strongest level since November.

The advance followed the recent releases of the toy maker's "Crush on You" plush collection under the Twinkle Twinkle line--a trending intellectual property--and the Pucky "Tap Tap Babies" series.

Analysts at Citi noted initial positive feedback on the Twinkle Twinkle plush series released Thursday, citing the products' price premium on secondary platforms.

The company's latest collection under the Pucky series, the Tap Tap Babies, has also gained popularity, Citi said in a note. The plush pendants have a built-in sound module that emits a crisp, woodblock-like sound when tapped, designed to emulate the wooden-fish percussion instrument in Chinese culture, said to bring good luck, happiness and fortune.

The positive sentiment also came as Chinese state media Xinhua broadcast a nearly hourlong interview with Pop Mart Chief Executive Wang Ning. In the documentary, Wang highlighted the company's disciplined approach toward development and expansion while focusing on understanding consumers' emotions.

"Fundamentally, we are still a design company," he said.

Wang said he still wants Pop Mart's core products to be works of art rather than just commodities. One way the company differentiates itself from others is by saying "no" more often than "yes" in its decision-making, he added.

Citi in its note said Pop Mart's visionary management, which balances art with commercialization, will likely help the company navigate the "structural emotional consumption and kidult trend globally." Pop Mart's artist empowerment and recognition, as well as data-driven integrated IP ecosystem, will also help its growth, it wrote.

Earlier this week, Pop Mart announced two share buybacks totaling HK$347.9 million, equivalent to US$44.6 million, buoying its shares. The stock rose 6.6% on Friday, bringing its weekly gain to 23%.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

January 23, 2026 06:07 ET (11:07 GMT)