Pop Mart Shares Dip on State Media Call for Tighter Blind-Box Rules

Pop Mart International Group Ltd. saw its Hong Kong-listed shares fall after a commentary in the People’s Daily urged stronger oversight of blind-box toys and trading cards, raising fresh concerns for its popular Labubu doll franchise. Although the feature did not mention Pop Mart by name, traders drove the stock down as much as 6.6 percent—following a 5.3 percent slide on Thursday—while rival Bloks Group Ltd. retreated up to 9.3 percent.

Legal experts quoted in the article warned that “mystery” products can foster addictive buying habits in minors, and noted existing rules bar sales of blind boxes to children under eight. First introduced in 2023, those guidelines subdued earlier investor worries about regulatory intervention. Even after this week’s pullback, Pop Mart remains the top performer in the MSCI China Index, buoyed by strong demand for its toothy monster dolls and rising price targets from Wall Street.

International exposure has further boosted the brand’s profile, with celebrities such as Rihanna and BlackPink’s Lisa seen carrying its collectibles. Beijing generally supports the growth of homegrown intellectual property, but recent commentary signals that authorities will fine-tune rules to protect young consumers. Jefferies analysts caution that the entire pop-toy sector could face short-term pressure as regulators clarify standards.

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