From being hard to find to having the price cut in half, when waking up one night, the hoarders of Labobu seem to have gone from heaven to hell.
Recently, Pop Mart’s Labobu has triggered a global rush to buy, and the price of Labobu, which is hard to find, has skyrocketed rapidly, and Pop Mart’s Hong Kong stock price has also soared. However, after Pop Mart began to restock on June 18, the price of Labobu in the second-hand market (the whole box contains 6 blind boxes) directly fell from 2,800 yuan to 650-800 yuan. The Hong Kong stock price of Pop Mart seems to be more foresighted, and it began to fall one after another. In the past 7 trading days, the market value has evaporated by nearly HK$60 billion. Who is selling Labobu? Who is selling Pop Mart (stock)?
Restocking
The price of Labub 3.0 has dropped from 2,800 yuan to 650 yuan
Since the afternoon of June 18, the official mall applet of Pop Mart has repeatedly popped up restock notifications for related products, and a large number of goods have been released in Tmall’s official flagship store, Douyin’s trendy play live broadcast room, etc. The series of this replenishment is mainly the “High Energy Ahead” series of Labub 3.0 (the third generation of vinyl plush products). The Labub series blind box is generally 6 per box, 99 yuan/piece, and the price of the whole box is 594 yuan.
LABUBU dolls sold in Pop Mart’s offline stores. Visual China Photo
On the evening of June 18, many consumers posted on social platforms that they had grabbed the Labub 3.0 series that had been out of stock. Some consumers also said that they felt that the number and frequency of this replenishment were more than in previous periods, resulting in a significant increase in the number of people rushing to buy. It is reported that Pop Mart’s replenishment may be carried out for three consecutive days starting from June 18.
After the restocking, the price of Labobu 3.0 in the second-hand market also fell.
According to The Paper, on some second-hand platforms, the price of one end of Labobu 3.0 (the whole box contains 6 blind boxes) is still generally above 1,500 yuan, and some are even priced at 2,800 yuan. But among the scalpers, as the pre-sale starts, the price of the Labobu 3.0 series drops, and everyone generally bids 650 to 800 yuan to buy one end (the whole box contains 6 blind boxes), and there are sellers who bid 1,200 yuan for the pre-sale they snatched, but no one responds. Someone in the group said: “It has collapsed, 700 to 800 yuan can be collected.” In a second-hand trading group, a “scalper” who specializes in live broadcasts of trendy toys said: “It’s not so scarce now. If you can’t sell it all, you can only play it yourself.”
In addition, people familiar with the matter said that the restocking of Pop Mart’s related products will not show a regularity, which is also to avoid the influence of “scalpers” to a certain extent.
According to Cover News, Chen Fei (pseudonym), who has been engaged in the resale of trendy toys for two years, revealed that the team of six people she led made a net profit of 370,000 yuan in the first week of LABUBU’s popularity. The mobile phone records shown by Chen Fei showed that the whole box of blind boxes with an original price of 594 yuan was resold for 2,100 yuan, and the hidden pendant with a price of 99 yuan was sold for a maximum of 7,800 yuan. “This is a game of huge profits. The scalpers who can see the market trend are very powerful.” However, she understands that the bubble may burst at any time. Some colleagues received the goods at a high price two days ago, and suffered a sharp drop in prices, with a loss of more than 50,000 yuan in a single day.
Current situation
The official mall is sold out, and the average transaction price of the second-hand platform has plummeted by more than 60% in 5 days
On June 21, the upstream news reporter logged into the official mall applet of Pop Mart, clicked the “High Energy Ahead” series-vinyl plush pendant blind box and clicked “Buy Now”, and the page that jumped to it showed “Sold Out”; the pre-sale is limited to 12 pieces, and it is expected to be shipped on June 28, 2025.
The “High Energy Ahead” series – vinyl plush pendant blind box has been sold out. Screenshot of Pop Mart’s official mall applet
The trendy toy second-hand trading platform Qiandao App shows that in the past two months, the transaction price of the Labubu 3.0 series has risen sharply, reaching its highest point on June 16, and then showing a downward trend in price.
On June 21, a reporter from Upstream News logged into the Qiandao App, a second-hand trading platform for trendy toys, and found that on June 16, the average transaction price of the Labubu 3.0 series was 2,439 yuan, with a transaction volume of 62 orders; on June 17, the average transaction price was 1,879.9 yuan, with a transaction volume of 727 orders; on June 18, the average transaction price was 1,051.3 yuan, with a transaction volume of 2,424 orders; on June 19, the average transaction price was 875.9 yuan, with a transaction volume of 2,360 orders; on June 20, the average transaction price was 839.6 yuan, with a transaction volume of 1,140 orders – compared with the highest price of 2,439 yuan, the transaction price at this time has plummeted by more than 60%.
“Customers are all looking for goods, and if you don’t take this wave of traffic, you will miss it.” An industry insider said in an interview with Upstream News that he also participated in the short-term after Pop Mart Labubu became popular. But he believes that this wave of Labobu’s hot market will not last too long, and speculators who participate in the later stage are likely to become “leeks”. “It is indeed very inspiring that state-owned brands can cause a global buying craze. It also shows that there is still great potential in the current young people’s trendy play peripheral market. After all, young people are the main consumer group, but the success of Pop Mart cannot be replicated by everyone, because there are strong capital operations and team empowerment behind it.”
Stock price
The market value evaporated by nearly HK$60 billion in 7 days, and the founders and executives were all reducing their holdings
While Labobu was popular and the second-hand market prices soared, Pop Mart’s stock price has also been rising step by step in the past year and a half.
Pop Mart stock price chart. Stock market software screenshot
On December 11, 2020, Pop Mart was listed on the Hong Kong Stock Exchange with an issue price of HK$38.5. After listing, Pop Mart began to fall continuously after a period of rising. In November 2022, Pop Mart’s stock price fell below HK$9.0, and then returned to above HK$20.0.
Pop Mart’s super market started in early 2024 and continued to rise. At the beginning of 2024, Pop Mart’s stock price was as low as HK$16.8. On June 12, 2025, Pop Mart’s intraday stock price rose to its highest point since its listing at HK$283.4, with a total market value of approximately HK$380.6 billion, an increase of nearly 17 times.
However, after setting a new historical high, Pop Mart’s stock price began to decline. As of the close of June 20, Pop Mart reported HK$239.6, with a total market value of 321.8 billion yuan. Compared with the historical highest price of HK$283.4, Pop Mart has fallen by about 15.5% in the past 7 trading days, and its market value has evaporated by HK$58.8 billion.
As the stock price continued to rise, Pop Mart had been sold off by executives many times. Wang Ning, the founder of Pop Mart, sold 21.7 million shares of Pop Mart on October 24, 2024, with an average price of HK$71.98 and a total cash out of more than HK$1.56 billion. In addition to Wang Ning, other executives of Pop Mart also chose to sell off their shares and cash out. After the third quarter financial report of 2024 was disclosed, Pop Mart’s chief operating officer Sid sold 2.1 million shares alone, cashing out HK$151 million; other core executives of Pop Mart also sold off their shares. According to calculations, the joint reduction scale of Pop Mart executives was 23.925 million shares, and the cash out amount exceeded HK$1.7 billion.
Not only executives but also founding shareholders sold off their shares. In the first week of May 2025, Fengqiao Capital, a founding shareholder of Pop Mart, cleared out about 11.91 million shares of Pop Mart through three block transactions, cashing out HK$2.264 billion. Its announcement stated that it was a “normal exit of the fund upon expiration.” It is reported that Fengqiao Capital’s floating profit on Pop Mart exceeded 8 times.
