Is Pop Mart stock a buy after the 40% slide?

It depends on risk tolerance and time horizon. The drop reflects fading Labubu momentum and slower holiday demand. Fundamentals remain strong, with a 30.3% net margin, 54.5% ROE, and low debt, but valuation is still premium. A cautious approach is to wait for evidence of a new hit IP, firmer sell‑through, or a break above HK$203 to 205. That would suggest improving sentiment.

What caused the Labubu craze fading and how does it impact the 9992.HK price?

Resale prices collapsed and lines shortened, hinting at collector fatigue and less scarcity value. Korea secondary prices reportedly fell from 170,000 won to 20,000 won, a sharp reset that pressures near‑term sell‑through and gross margin mix. That demand shift likely contributed to the 40% drawdown from August highs, weighing on the 9992.HK price until new characters or refreshed releases regain traction.

What technical levels should traders watch on Pop Mart stock?

Key reference points cluster near current trading bands. The Bollinger middle near HK$203 and Keltner middle near HK$201 mark pivotal areas. A sustained close above HK$203 to 205 can open a move toward HK$218 to HK$227. Support sits around HK$195, then HK$180 near the lower Bollinger band. Use defined stops, given ATR near 8.6 points to wider swings.

What could move Deutsche Bank from Hold to a more positive stance on Pop Mart stock?

Clear catalysts would include a proven new IP with strong sell‑through, visible social buzz, and stable secondary market pricing. Additional positives are steadier holiday comps, improved guidance, and diversified revenue away from a single hero character. If execution strengthens and momentum broadens, valuation risk eases, which could justify a more favorable view relative to the current HK$228 target and Hold call.

Global Market Insights

9992.HK Stock Today: December 24 — Pop Mart Sinks 40% as Labubu Fades

ByHuzaifa Zahoor December 26, 2025December 26, 2025

Pop Mart stock is under pressure as the Labubu craze fades, dragging shares roughly 40% below August highs. Alternative data point to slower holiday‑quarter growth, resale prices have slumped, and analysts turned cautious. Deutsche Bank sits at Hold with a HK$228 target, citing the need for a new hit IP. With sentiment weak but fundamentals still solid, we break down what this means for US investors, key technical levels near HK$200, and catalysts that could stabilize the 9992.HK price into early 2026.