Is Pop Mart stock a buy after Deutsche’s Hold rating?

A Hold with a HK$228 target implies modest upside from HK$200.2, but risk sits in slowing premiums and inventory turns. We would wait for clearer demand signals from new IP or a break above HK$218 to HK$226 on rising volume before sizing up. Start small and add on confirmation.

What price levels matter most in the near term?

We are watching HK$179 to HK$190 as a potential demand zone and HK$218 to HK$226 as supply. The Bollinger lower band near HK$179 offers technical support. The 50-day average around HK$218 and HK$226.70 upper band act as resistance. A decisive close above that range could target HK$228.

How does the Labubu resale slump affect fundamentals?

Falling resale prices weaken scarcity and pricing power, which can slow sell-through and raise markdown risk. That pressure may lengthen inventory days and weigh on margins. The impact depends on how fast new IP resonates and whether marketing shifts rebuild demand. Watch restock pace and overseas performance.

What should Australian investors consider before buying Pop Mart stock?

Trades settle in HKD, so FX spreads and fees matter. Liquidity can thin around holidays, widening bid-ask spreads. Hong Kong generally has no dividend withholding tax. Plan entries in stages, use wider stops given ATR near HK$8.57, and monitor catalysts like new IP and partnerships for conviction.

Global Market Insights

9992.HK Stock Today, December 24: Deutsche ‘Hold’ as Resale Craters

ByHuzaifa Zahoor December 26, 2025December 26, 2025

Pop Mart stock is in focus today after analysts flagged fading Labubu demand and softer resale pricing. Shares of 9992.HK trade near HK$200, roughly 40% below August highs, as investors weigh execution risks into 2026. Deutsche Bank kept a Hold rating with a HK$228 target, putting the spotlight on new IP and partnerships. For Australian investors, Hong Kong liquidity, FX costs, and timing matter. We break down the latest price action, the resale slump, and what could re-rate Pop Mart stock next.