China warning on blind-box toys sends Labubu-maker Pop Mart shares tumbling
Hong Kong - Pop Mart International Group shares slumped in Hong Kong on June 20 a Chinese state media commentary called for stricter regulation of businesses offering 'blind cards' and 'mystery boxes.'
Shares of the Beijing-based Labubu-maker dropped as much as 6.2 per cent, after tumbling 5.3 per cent on June 19. Shares in Bloks Group, which sells similar products, fell as much as 7.1 per cent.
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.
At a traditional Pop Mart store, the 'blind box' toys that the chain is best known for generally sell for 69 yuan and up, but consumers have shown a willingness to shell out much more for limited editions.
Last week, a Beijing auction house sold a human-size Labubu figure for 1.08 million yuan (S$193,000), setting a new record and marking the toy's switch from craze to collectible. BLOOMBERG
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