MW Labubu's viral success propels Pop Mart into Hong Kong index

By Steve Goldstein

This photograph shows a view of Labubu elves, collectible plush toys designed by Hong Kong illustrator Kasing Lung as part of his series "The Monsters," displayed at a Pop Mart shop in Paris on August 17, 2025.

Pop Mart International, the maker of the wildly popular Labubu plush dolls, is set to join the main Hong Kong stock market index after a ferocious rally.

Hang Seng Indexes said Pop Mart, as well as China Telecom and JD Logistics, will join the Hang Seng HK:HSI, taking the number of components to 88 from 85. The move will take effect on Sept. 8.

Pop Mart also will join the Hang Seng China Enterprises Index CN:160462.

As much as Lababu has turned into a global craze, its demand has translated into a corporate earnings and stock-market story as well.

This week it reported a quadrupling of first-half profits as revenue tripled.

It's not often a corporate news release without hyperbole refers to a "global phenomenon," as Pop Mart did in describing the third generation of its Labubu Vinyl Plush 'Big into Energy' series.

The company opened 40 new stores and now operates 571 stores in 18 countries globally.

Pop Mart shares (HK:9992) have surged 257% this year and 571% over the last 52 weeks.

The average analyst target price is HK$372, above its closing price of HK$320.

From the archive: What can the Labubu toy craze tell investors about markets? A lot, actually.

-Steve Goldstein

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August 22, 2025 07:22 ET (11:22 GMT)

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