** China's Pop Mart International Group 9992.HK, which makes Labubu dolls, slips as much as 9% to HK$252, lowest since August 5

** JPMorgan downgrades to "neutral" from "overweight", citing rich valuation

** Says stock's valuation priced for perfection and any small fundamental miss or negative media reports might drive underperformance

** YTD, stock soars ~180%

(Reporting by Shanghai newsroom)

((samuel.shen@tr.com))