HK Stock Market Move | POP MART (09992) rises by over 4% again, with Labubu still in short supply. The new IP "Star People" is rapidly rising.

POP MART (09992) rose by more than 4%, reaching 4.25% by the time of publication, closing at 284.2 Hong Kong dollars, with a turnover of 8.82 billion Hong Kong dollars. JPMorgan Chase released a research report stating that it has upgraded POP MART's rating from "Neutral" to "Overweight" and raised the target price from 300 Hong Kong dollars to 320 Hong Kong dollars. JPMorgan Chase's adjustment this time is mainly based on two key factors: Firstly, the popular IP continues to be strong, with Labubu's capacity increasing by 10 times since the first quarter, but Labubu 3.0 and Mini Labubu are still sold out in all regions. In addition, the new IP "Star People" is rapidly rising and expected to contribute 8% of sales in 2027; Secondly, the valuation attractiveness has significantly increased, with POP MART's stock price falling by 24% from the peak in August, while the Hang Seng Index rose by 7% during the same period, currently trading at only 20 times the 2026 P/E ratio according to JPMorgan Chase's forecast, making the risk-return ratio more attractive.