Pop Mart (09992) saw its shares open 6.19% lower today (June 20), trading at RMB 233.2, after reports surfaced about a significant restock of its popular Labubu blind box series.
According to Chinese mainland media, the restocking was carried out across Pop Mart's online mini-program and other sales channels, allowing many consumers to secure items previously deemed scarce. This has caused a sharp drop in Labubu's resale prices on the secondary market.
The report also noted that Labubu blind boxes were made available for online pre-sale for the first time, further increasing accessibility to these collectibles. As a result, the resale market witnessed a significant price adjustment. Data from the second-hand trading platform "QianDao" revealed that the transaction prices for Labubu series blind boxes have generally declined. For instance, the price of a full set of Labubu 3.0 dropped by 45%, with individual orders now trading between RMB 650 and RMB 800.
The price of the hidden blind box, originally sold for RMB 99, plunged from RMB 4,607 to RMB 2,851—a drop of over 38%.
A secondary market reseller specializing in collectible toy livestreams commented, "Labubu is no longer as rare as it used to be. If we can't sell them all, we'll just have to keep them for ourselves." Another reseller even described the situation as a "market crash."
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