Hong Kong’s new consumption stocks fell on Wednesday. Laopu Gold down 7%; Pop Mart down over 6%; Auntea Jenny, Bloks down around 3%.

Pop Mart International Group Ltd.’s shares tumbled 12% this week, reflecting concerns over product demand for the Chinese toy maker and profit taking after the stock’s inclusion into two major indexes.

Worries about Pop Mart’s outlook have surfaced since it launched a new mini Labubu doll late last month, following signs of weaker demand in the secondary market. Traders also pointed to selling pressure from investors hoping to cash in on the stock’s gains accumulated in the run-up to its index inclusion.

「For Pop Mart’s products like Labubu, secondary market prices have been declining due to restocking and cooling demand for some series,」 said Jeff Zhang, an analyst at Morningstar Inc. 「Also, we note more negative feedback on the quality of new products, an issue that management needs to timely address.」

Prices for the third-generation Labubu dolls have dropped 4% over the last three days, with those of the first two generations generally stable, according to data on Qiandao, a Chinese reselling and trading platform focused on pop toys. Meanwhile, mini Labubu’s average price has fallen by 6 yuan ($0.84) in the past week to 105 yuan, according to Alibaba Group Holding Ltd.’s second-hand trading platform Xianyu.