SGPOMRT@EP2602A

Spring Festival Consumption is Full of New Ideas, and the Cultural and Tourism Market is in Full Swing

Pop Mart's next ex-dividend date is expected to be May 29, 2026

Pop Mart partners with Disney as part of the 'Star Wars: Most Wanted' merchandise campaign

POP MART discloses that 2025 total product sales exceeded 400 million units

Pop Mart's new Chinese New Year blind box series sees over 150% premium in the secondary market

Morgan Stanley lists Pop Mart as a top pick in the consumer sector

Singapore to Regulate Gacha Toys to Mitigate Gambling Risks

Pop Mart's revenue more than tripled in H1 2025, with 40% of profit from overseas

Pop Mart collaborates with Star Wars to launch new Grogu (Baby Yoda) figure series

Pop Mart launches multiple new IP and limited series products on February 13

Southbound funds recorded a net sale of HK$301 million in POP MART shares today.

Southbound Trading records net purchase of Pop Mart on February 12

POP MART's 2026 Valentine's Day limited edition series sparks a buying frenzy

Citigroup reiterates 'Buy' rating on Pop Mart, optimistic about its IP diversification strategy

China Galaxy Securities: Pop Mart's sales guidance could improve earnings visibility

Pop Mart to Launch New 'Stitch Adventure Series' on February 13

Pop Mart recorded a net southbound capital inflow of HKD 144 million on February 11

Pop Mart's GONG brand announces the launch of a limited edition 'It Takes Two' collaboration figure

Citi Report Sees Strong Growth Potential for 泡泡玛特 in 2026

Wallstreetcn reports Pop Mart faces a potential epic 'short squeeze' risk

GUANZE MEDICAL

PCPD

STARCOIN GROUP

HUILI RES

TIMES UNI GP

MANY IDEA CLOUD

WALNUT CAP

SILKWAVE INC

HUA LIEN INT'L

WAI CHUN GROUP

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MNSO

Singapore is set to regulate "blind boxes" due to gambling risks associated with these mystery products. The authorities plan to standardize disclosures regarding the probability of receiving specific items. This move aims to mitigate gambling inducement risks, as the blind box trend has significantly boosted sales for companies like Pop Mart and Miniso. While the regulations are being drafted, it remains uncertain how they will impact the sales of these popular products. Singapore's approach is more stringent than that of many other countries, including China, which has also raised concerns about similar products.

- Singapore is set to regulate "blind boxes" to address gambling risks associated with hidden product contents, as announced by the home affairs ministry on February 12.  
- Authorities will consider mandatory disclosure of product probabilities to manage gambling inducement risks, as articulated by Coordinating Minister K Shanmugam.  
- The regulation responds to concerns raised in other countries, including China, regarding the potential for these products to encourage gambling-like behaviors, particularly among children.

Businesstimes News

POP MART

Miniso

Singapore plans regulation for blind boxes over gambling risks

03690

TCTZF

TCEHY

09988

BABX

KBAB

According to the Hong Kong Stock Connect data, Tencent had a net inflow of HKD 1.429 billion, Xiaomi Group had a net inflow of HKD 1.02 billion, and MEITUAN had a net inflow of HKD 985 million. In terms of net outflows, POP MART saw an outflow of HKD 301 million, Changfei had an outflow of HKD 75.36 million, and Alibaba had an outflow of HKD 10.41 million. The total net outflow for the day was HKD 0, with a total transaction amount of HKD 94.777 billion, accounting for 39.70% of the total market transaction amount

AASTOCKS

MEITUAN

Tencent Holdings Limited

Tencent

BABA-W

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

Net inflow of HKD 1.429 billion for Tencent through Stock Connect

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According to the Hong Kong Stock Connect data, Tencent had a net inflow of HKD 736 million, while Meituan and POP MART had net inflows of HKD 163 million and HKD 144 million, respectively. Alibaba, SMIC, and Changfei had net outflows of HKD 521 million, HKD 391 million, and HKD 160 million, respectively. In the Hong Kong Stock Connect (Shanghai), SMIC had a net inflow of HKD 445 million, while Xiaomi Group had a net outflow of HKD 274 million. The southbound total net outflow was HKD 0, with a total transaction amount of HKD 90.782 billion, accounting for 41.79% of the total market transaction amount

TENCENT

Net inflow of HKD 736 million for Tencent through Stock Connect

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ZIJIN GOLD INTL(02259) rose 9.06%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 56.7%. BILIBILI-W(09626) rose 5.16%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 31.1%. POP MART(09992) fell 5.49%, with a trading turnover 4.4 Billion HKD, and a year-to-date rose 35.9%. MINIMAX-WP(00100) fell 4.82%, with a trading turnover 681.6 Million HKD, and a year-to-date rose 210.9%.

- The Hang Seng Index increased by 0.31%, with a year-to-date gain of 6.4%, while the Hang Seng Tech Index rose by 0.9%, showing a year-to-date decline of 0.3%.  
- Zijin Mining International (02259) saw a rise of 9.06% with a trading volume of HKD 1.7 billion, resulting in a year-to-date increase of 56.7%.  
- Bilibili-W (09626) grew by 5.16%, with a trading volume of HKD 1.22 billion, reflecting a year-to-date increase of 31.1%, whereas Pop Mart (09992) fell by 5.49%, despite a year-to-date increase of 35.9%.

Top Gainers & Losers

ZIJIN GOLD INTL

BILIBILI-W

GANFENGLITHIUM

TECHTRONIC IND

TME-SW

MINIMAX-WP

CHINA LIFE

MONTAGE TECH

CPIC

Top 5 HK Stock Gainers/Losers (>100B) (2.11)

POP MART's Hong Kong stock has recently surged by 50%, but data from S3 Partners shows that short sellers have not retreated; the short interest as a percentage of free-floating shares has skyrocketed from 2% to 16%, with a short squeeze risk score reaching a perfect 100. Analysts say this is a rare case of "extremely crowded one-sided betting." Despite the company's efforts to boost confidence through buybacks, short sellers continue to bet on expectations of a slowdown in the company's overseas growth, and the market is facing intense short squeeze risk dynamics

- Bubble Mart's stock surged by 50% in less than a month, yet short-sellers continue to grow, leading to a dangerous standoff, with a short squeeze risk rating at the highest level of 100 from S3 Partners.  
- Despite the significant increase in short interest, the stock has not experienced notable short covering, indicating a strong market structure with short positions rising from 2% to 16%.  
- Analysts highlight a divergence in market perception regarding Bubble Mart's growth, with doubts about performance in key overseas markets driving short-seller interest.

Wallstreetcn

Soaring 50%, short sellers refuse to back down! Is POP MART facing an epic "short squeeze" storm?

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KNOWLEDGE ATLAS(02513) rose 14.81%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 173.5%. DONGFANG ELEC(01072) rose 7.11%, with a trading turnover 810.9 Million HKD, and a year-to-date rose 23%. ZHAOJIN MINING(01818) fell 5.83%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 6.1%. GIGADEVICE(03986) fell 3.82%, with a trading turnover 252.3 Million HKD, and a year-to-date rose 86.4%.

- The Hang Seng Index increased by 0.58%, with a year-to-date rise of 6.1%.  
- The Hang Seng Tech Index rose 0.62%, but has declined 1.2% for the year.  
- Stocks like Zhihua (02513) surged by 14.81% and recorded a significant yearly gain of 173.5%, while stocks like Zhaojin Mining (01818) dropped by 5.83% despite a yearly increase of 6.1%.

KNOWLEDGE ATLAS

DONGFANG ELEC

CSPC PHARMA

INNOVENT BIO

ZHAOJIN MINING

GIGADEVICE

EASTROC

CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (2.10)

Guolian Securities pointed out that POP MART has surpassed the "blind box bubble" stage and is establishing a sustainable IP ecosystem through the Labubu family and new IP matrices like Star People. Its core strategy is global expansion (especially clustering stores in North America) and extending the industrial chain (entering high-frequency consumption scenarios such as baking and jewelry), driving the company to transform from a "super IP" to a Disney-style global evergreen IP group. By 2026, revenue is expected to exceed 51 billion yuan, marking a complete switch in its valuation logic

- An analysis reveals that Pop Mart is evolving from a "blind box" company into a global IP industry chain group, indicating a significant shift in market perception.  
- The company's total revenue is expected to exceed 51 billion RMB in 2026, driven by supply chain management and market expansion into North America and Europe.  
- Additionally, new business lines like POP BAKERY and POPOP are set to enhance IP monetization and customer engagement, supporting a projected 180 billion RMB in adjusted net profit for 2026.

When POP MART squeezes out the "bubble" - from "super IP establishment" to "global evergreen"

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The short selling amount in the Hong Kong stock market reached HKD 18.04 billion in the half-day session, accounting for 16.7% of the total shortable stock turnover of HKD 108.02 billion. The main shorted stocks include Meituan-W with a short selling ratio of 28.2% and a short selling amount of HKD 1.12 billion; CSOP Hang Seng Technology with a short selling ratio of 44.6% and a short selling amount of HKD 1.03 billion; Alibaba-W with a short selling ratio of 16.9% and a short selling amount of HKD 970 million; POP MART with a short selling ratio of 24.1% and a short selling amount of HKD 880 million; and HSCEI with a short selling ratio of 13.8% and a short selling amount of HKD 660 million

Alibaba

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

Hwabao CSI HK Equities Internet ETF

CSOP HS TECH

Hang Seng TECH ETF I

Dacheng Hang Seng Technology ETF(QDII)

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

China Southern Hang Seng ETF

HSCEI ETF

ChinaAMC Hang Seng ETF

Meituan

Ping An HK Equities HSCEI ETF

E Fund CSI HK Connect Internet ETF

The short selling in the Hong Kong stock market for half a day was HKD 18.04 billion, accounting for 16.7% of the total turnover of shortable stocks

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On February 10th, the Hong Kong stock market's three major indices collectively closed higher, with the Hang Seng Technology Index leading the way with a 0.84% increase. On the market, the surge in AI applications and the rebound of Chinese concept stocks drove the retail sector up, with Alibaba rising 1.46% and JD.com increasing 2.32%. The restaurant sector weakened due to the drag from heavyweight stocks, with Meituan falling 3.02% and HAIDILAO dropping 3.0%. In terms of capital, the market is in a macro data vacuum period, focusing on liquidity games. In individual stocks, POP MART performed strongly with a 4.35% increase, while Tencent Holdings had the highest trading volume but slightly fell by 1.07%

- On February 10, Hong Kong stocks showed a collective increase, with the Hang Seng Index closing at 27,172.87 points, up 0.54%.  
- The tech sector led the gains, with the Hang Seng Tech Index rising 0.84%, while the retail sector benefited from optimism surrounding AI applications.  
- Several individual stocks experienced notable movements, such as Global Printing Holdings surging 59.18% and Meituan dropping 3.02%, reflecting varied investor sentiment across sectors.

Market Heartbeat

JD-SW

BIDU-SW

KUAISHOU-W

HAIDILAO

YUM CHINA

UNI PRINTSHOP

CHINA WACAN

MODERN CHI MED

WANKA ONLINE

BAO PHARMA-B

Hang Seng Index

Hang Seng Composite Index

CAM HS TECH

Hang Seng TECH Index

GX HS TECH

FI CSOP HSI

Krne Csi China Internet

FL2 CSOP HSI

FI2 CSOP HSI

Hong Kong Stock Midday Review | Hang Seng Tech Index rises 0.84%, AI logic helps Alibaba rise 1.46%, weight drags Meituan down 3.02%

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36Kr learned that the Hang Seng Index rose 0.54% during the midday break, and the Hang Seng Technology Index rose 0.84%; the consumer, pharmaceutical and biotechnology, and media sectors led the gains, with CHINA LIT rising over 15%, RemeGen rising over 6%, and POP MART rising over 4%; the household goods, consumer services, and retail sectors saw the largest declines, with SHANGHAI XNG falling over 17%, Beijing Jingkelong falling over 6%, and Shangmei Co., Ltd. falling over 2%; southbound funds had a net purchase of HKD 1.145 billion

36Kr

SHANGHAI XNG

REMEGEN

RemeGen

CHINA LIT

HSTECH ETF

The Hang Seng Index rose 0.54% at midday, and the Hang Seng TECH Index rose 0.84%

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Pop Mart, a Chinese designer toy maker, announced that it sold over 100 million units of its flagship IP LABUBU in 2025. The company reported total global sales exceeding 400 million units across all product categories. By the end of 2025, Pop Mart operated in over 100 countries with more than 700 stores and six major global supply chain bases. Its shares have increased nearly 38% this year, driven by strong earnings and global expansion of its IP portfolio.

- Chinese designer toy maker Pop Mart reported that sales of its flagship IP LABUBU surpassed 100 million units in 2025.  
- Total global sales across all IPs and product categories exceeded 400 million units last year, with operations in over 100 countries and regions.  
- Pop Mart's shares have increased nearly 38% this year due to strong earnings and the ongoing global expansion of its IP portfolio.

动点科技英文源

ChinaAMC CSI Animation Game ETF

Pop Mart says it sold 100 million LABUBU units in 2025

HPPD

Pop Mart International Group Ltd. announced that its total global sales in 2025 exceeded 400 million units across all IPs and product categories. The sales of THE MONSTERS product category surpassed 100 million units worldwide.

- Pop Mart International Group Ltd. announced that its total global sales exceeded 400 million units across all IPs and product categories in 2025.  
- The sales for the product category THE MONSTERS surpassed 100 million units worldwide.  
- This information was released on February 09, 2026, through the Issuer Information Service of the Hong Kong Stock Exchange.

Reuters

POP MART HK SDR 20to1

Pop Mart meldet weltweiten Absatz von über 400 Millionen Einheiten im Jahr 2025

HSBC stated, "The super-fast growth brought by Labubu will fade, but the platform's capabilities will continue," defining 2026 as a year of "re-establishing the foundation." UBS believes that the sales data helps alleviate market concerns about reliance on a single hit product, while the new IP Twinkle has a strong start at the beginning of 2026, providing an observation window for growth. HSBC lowered the target price for POP MART from HKD 392.5 to HKD 354, while UBS maintained it at HKD 326, with both institutions maintaining a "buy" rating

- On February 9, Pop Mart announced global product sales exceeding 400 million in 2025, driven primarily by its IP “The Monsters,” which contributed over 100 million in sales.  
- HSBC reduced its price target for Pop Mart while maintaining a "buy" rating, predicting a normalized growth rate in 2026 as the surge in membership repurchases stabilizes.  
- Analysts highlight the importance of new IP and international expansion for sustaining growth, as potential risks include supply chain disruptions and increased competition in the market.

"Annual sales of 400 million pieces!" After the "Labubu era," can POP MART's high growth be sustained?

$POP MART(09992.HK) Wah, POP MART is on fire, up again today and looking strong for a 7th straight day of gains. The good vibes come from their latest business update: they sold over 400 million products globally last year, with THE MONSTERS series alone hitting 100 million. For Q1 2026, they expect demand in China to stay &#34;resilient&#34;.

Today’s Key News Recap

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BYD COMPANY

BYD Company

BYD Company Limited

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Alphabet - C

Alphabet

TENCENT-R

Tencent HK SDR 10to1

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CHINA MOBILE-R

CN Mobile HK SDR 5to1

China Mobile

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BYD HK SDR 10to1

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Allianzim US Large Cap Buffer10 Mar ETF

Gold and silver slump, cooling the market; BABA's Qwen adds RMB 3 bn for Lunar New Year | Daily News Recap

SGPOMRT@EP2602A(19706.HK)

Singapore plans regulation for blind boxes over gambling risks

Net inflow of HKD 1.429 billion for Tencent through Stock Connect

Net inflow of HKD 736 million for Tencent through Stock Connect

Top 5 HK Stock Gainers/Losers (>100B) (2.11)

Soaring 50%, short sellers refuse to back down! Is POP MART facing an epic "short squeeze" storm?