Pop Mart shares surged over 4% yesterday, reaching a new all-time high in Hong Kong trading before settling up 2.86% at HK$266.2 HKD ($34.05), with turnover exceeding HK$3.5 billion ($448 million). The rally followed a bullish research note from Morgan Stanley, which raised its price target from HK$224 ($28.65) to HK$302 ($38.60), citing the brand’s diverse intellectual property (IP) portfolio and strong operational capability. Analysts expect Pop Mart’s revenue to grow from $3.6 billion in 2025 to $6 billion by 2027.