AN investor in Pop Mart International Group Ltd., whose fans include K-pop band Blackpink’s Lisa, raised $97 million by selling the stock soon after another sale of the Chinese toy company’s shares earlier this week.
The undisclosed shareholder sold four million shares at HK$187.99 each late Wednesday, a 3% discount to that day’s closing price, according to terms of the deal seen by Bloomberg News. The block trade came just a day after an undisclosed seller offloaded a similar number of shares in a separate deal. In both trades there was no lock-up on the vendor.
The share placements are taking advantage of Pop Mart’s rally — it’s up more than 450% over the past year, making it the best performer on the MSCI China Index — as the popularity of its Labubu dolls turned the company into a global phenomenon. Pop Mart reported profit that more than doubled last year, thanks to strong overseas sales.
Pop Mart, whose market value now trumps those of Hello Kitty owner Sanrio Co. and Barbie maker Mattel Inc., fell as much as 2.6% in Hong Kong trading on Friday, though it climbed back up to HK$194.40, up 0.3%, as of 10:45 a.m.
Still, the company’s stellar growth could be impacted by US President Donald Trump’s 145% tariffs on most Chinese imports. The company is charging US buyers $28 for its popular keychain-size figurines, up from $22 in its last release, while seeking to expand toy production in Vietnam, where the Trump administration’s 46% tariffs are currently on pause there. –BLOOMBERG
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