Labubu 3.0 Resale Prices Halved; Pop Mart Stock Plunges

TradingKey - On the evening of June 18, the Labubu 3.0 series from Pop Mart launched global online pre-sales, with a total replenishment across all channels reaching between 4 million and 5 million units. The surge in market supply has weakened scalpers' ability to control prices.

While this move has alleviated the supply and demand imbalance caused by the previous consumer buying frenzy, it has triggered a chain reaction in the capital markets. As of the close on the 19th, Pop Mart's stock price stood at HKD 248.60, reflecting a daily decline of 5.33% and a market capitalization of HKD 333.9 billion.

(Source: Yahoo)

Since its global release in April, the Labubu 3.0 series has generated a buying craze, even propelling the Pop Mart app to the top of the shopping charts on the U.S. App Store. However, issues such as scalpers hoarding inventory and rampant counterfeit products have severely compromised ordinary consumers' rights. By increasing supply and scheduling pre-sale shipments until September, Pop Mart aims to redirect consumers toward official channels while significantly reducing secondary market demand for hoarding.

Scalpers are now panicking and engaging in fire sales; bulk buyback prices have plummeted from pre-sale levels of RMB 1,500 - 2,800 down to RMB 650 - 800. Prices for some rare items have dropped from RMB 250 to RMB 100—a decline exceeding 50%. Listings on second-hand platforms are going unanswered, with some sellers offloading their pre-sale orders at discounted prices as low as RMB 700

Insiders at Pop Mart stated that this initiative aims to address issues related to scalping and counterfeiting so that “true fans who genuinely love IP can purchase products,” while compressing short-term speculative space to reshape market dynamics.