Why is Pop Mart stock falling today?

Reports point to a jump in short interest since November and signs of a Labubu demand slump. Third-party data also indicate North America growth has slowed sharply. With valuation still rich, small disappointments can weigh on sentiment. Traders are watching HK$199 to HK$203 for direction and HK$179 as key support.

Is Pop Mart stock still a buy for Australian investors?

It depends on risk tolerance. The business has strong margins and returns, but momentum is cooling and shorts are active. Consider staged entries and clear stops. Look for evidence of new IP traction and better overseas growth before sizing up. Account for FX costs and Hong Kong trading fees in returns.

What catalysts could lift Pop Mart stock?

Fresh IP launches, high sell-through rates, limited editions selling out at full price, and improved North America trends could help. Positive updates on store productivity, collaborations, or licensing can also spark a squeeze if short interest stays elevated. Clear guidance on inventory and margins would support the valuation.

How can I trade 9992.HK from Australia?

Use an AU broker that offers Hong Kong market access, or an international platform with HKEX trading. Fund in AUD, then convert to HKD within the platform. Check FX spreads, brokerage, stamp duty, and settlement rules. Set limit orders due to wide spreads and monitor pre-open auction prices.

What are the main risks to watch now?

Fashion fatigue, dependence on a few IPs, slower North America growth, and inventory build are key risks. FX and fee drag also matter for AUD accounts. Any pricing discount to clear stock can hurt margins. Regulatory or consumer softness in China could further pressure the share valuation.

Global Market Insights

9992.HK Stock Today: December 24 — Short Interest Spikes as Labubu Fades

ByHuzaifa Zahoor December 25, 2025December 25, 2025

Pop Mart stock is under pressure today as short interest spikes and Labubu demand cools. Third-party data show North America growth slowing, adding to sentiment risk. At HK$200.2, shares sit well below the HK$339.8 year high, with valuation still rich. For Australian investors, we outline what the short build means, how a fading hero IP can hit margins, and the levels that matter if you trade 9992.HK on Hong Kong brokers.