Lovebu’s owner Pop Mart Sink stock after state media warns against “blindbox”

Every day of people, Published national media outlet article On Friday, he criticized the practice of selling “blind boxes.” This is an exercise in which the chain sells mystery boxes containing unknown items from a larger collection. Visual boxes rely on elements of surprise and artificial rarity as shoppers buy boxes to get rare items. This exercise is also good for social media as customers host boxed videos for popular audiences.

Pop Mart was not mentioned by name, but the store chain relies on “blind boxes” to sell toys. Toychain stocks are just over 12% in a week.

In that article, People’s daily It warned that blind boxes could lead to adolescent addiction and called for stricter regulations on practice. 2023, China Sales have been banned Blind boxes for children under 8 years old.

Additionally, Morgan Stanley noted on Wednesday that the bank removed Pop Mart from its focus list in China and Hong Kong, replacing it with insurance company PICC P&C. According to CNBC.

Pop Mart stock has grown almost 500% over the past 12 months. It is now worth $40 billion, and the Toy Store Chain Chain Dwarfs Hello Kitty-Owner Sanrio is worth around $12 billion. That optimism is linked to both the success of its love doll line, Advertised by celebrities Like Dua Lipa, Rihanna, and Lisa from Blackpink, young Chinese people hope to spend more.Emotional consumption“Even if hobbies cut back on everyday items, they’re spending a lot on hobbies.

Wang Ning founded the first Pop Mart store in 2010, and the chain quickly grew behind its own toys, like the Molly Doll Line. The company made its debut on the Hong Kong Stock Exchange in late 2020.

Last year, Pop Mart It has been reported Revenue of 13 billion Chinese Yuan ($1.2 billion) increased by 107%. Profits rose 204% to 3.3 billion yuan ($460 million).

King’s personal net worth has skyrocketed along with Pop Mart stocks. He is now China’s 10^th– According to the richer people Forbes’ estimate.