Pop Mart Launches Largest Ever Buyback After Record Stock Plunge
Labubu dolls on display at a Pop Mart store in Shanghai, China.
Photographer: Raul Ariano/BloombergPop Mart International Group Ltd. undertook its largest buyback ever in a move to bolster confidence after a record stock plunge spurred by concerns over its reliance on Labubu dolls for growth.
The toymaker bought back 3.94 million shares for HK$599.7 million ($76.6 million) on Thursday, according to a Hong Kong stock exchange filing. The purchase marks Pop Mart’s third buyback this year, after scooping up a total of HK$347 million worth of shares in January that helped fuel a nearly 50% rally in the stock through mid-February.