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Pop Mart’s 40% Stock Rout Shows Growing Labubu Crash Worry

A disappointing US Black Friday and cooling resale demand have revived comparisons to the 1990s’ Beanie Babies bust.
Labubu dolls used as charms during Copenhagen Fashion Week.
Investors’ growing skepticism has turned the Labubu maker into one of Hong Kong’s worst performers. (Getty Images)

Labubu mania appears to be ebbing as quickly as it surged, driving a roughly 40 percent rout for former market darling Pop Mart International Group Ltd. 

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