Pop Mart Suffers $33 Billion Rout as Labubu Craze Unravels

A relentless selloff in Pop Mart International Group Ltd. shares is showing little sign of bottoming out as skepticism deepens over the toymaker’s Labubu-led growth.

The stock plunged more than 30% over five sessions through Tuesday after the company’s earnings results showed a rising dependence on the snaggle-toothed monster dolls. That extended a drop from its record high in August to nearly 60%, wiping out about $33 billion from its market cap.