Pop Mart International Group Ltd. shares plunged on Thursday, reflecting renewed concerns about the toy maker’s long-term sales outlook despite a strong third-quarter performance.
The Hong Kong-listed stock dropped nearly 11%, the most since April. The decline reversed a 2.4% gain on Wednesday, after the manufacturer of popular Labubu dolls reported annual revenue growth of as much as 250% in the three months ended September.
Pop Mart’s shares have lost steam in recent months and are currently down about 30% since a late-August peak, hurt by profit-taking and concerns that frenzied demand for its products is unlikely to sustain. The ...
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