China warning on blind-box toys sends Pop Mart shares tumbling

For more China-focused finance coverage, subscribe to the Jing Finance newsletter for the latest news, business updates, global analysis, and trends shaping financial markets. Hong Kong-listed Pop Mart suffers major selloff as Beijing signals potential crackdown on mystery box industry's impact on vulnerable young consumers nationwide. Pop Mart International shares slumped in Hong Kong today after a Chinese state media commentary called for stricter regulation of businesses offering “blind cards” and “mystery boxes.” Shares of the Beijing-based toymaker dropped as much as 6.2%, after tumbling 5.3% yesterday. Shares in Bloks Group, which sells similar products, fell as much as 7.1%. China should further refine regulations for “blind cards” and “mystery boxes” as some of the current business models easily induce minors to become addicted to purchasing these products, according to a commentary by People’s Daily, the flagship newspaper of the Chinese Communist Party, citing legal experts. By Charlotte Yang Pop Mart profit more than doubles driven by Labubu-doll craze Pop Mart holder sells $97M stake on heels of other sale Why the world caught Labubu mania Labubu doll fetches $150,000 at China auction as demand rages Birkin, gold, Labubus: What retains value in 2025?

China warning on blind-box toys sends Pop Mart shares tumbling

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Published June 20, 2025

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China warning on blind-box toys sends Pop Mart shares tumbling