Labubu maker Pop Mart shares fall as key ex-China sales data drop, Citi cuts price target

Impact · against what's priced in

Pop Mart's valuation is under pressure as management admits its 20% growth target for 2026 is unlikely and international sales have turned negative. While domestic China growth remains very strong, the failure to scale globally and the resulting revenue forecast downgrade by Citi act as immediate catalysts for a price correction.

9992.HK−0.70

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