POP MART shares fell as much as 5.1% in Hong Kong trading as the market grows concerned that enthusiasm for the company's Labubu figurines may be waning. The stock has declined more than 24% from its August highs, though it remains up approximately 183% year-to-date.

"Since Labubu is one of the main drivers of POP MART's performance, this could prompt some investors to take profits early," said Criss Wang, an analyst at Smartkarma.