During today's trading session, Bubble Mart's stock fell more than 8% at one point. Morgan Stanley downgraded the stock rating to "neutral".

Pipi Mart opened low and fell during the day, dropping by more than 8% at one point, marking the biggest intraday decline in a week. On the news front, JPMorgan Chase has downgraded the stock rating to "Neutral" and lowered the target price by 25% to 300 Hong Kong dollars, citing that its valuation is no longer attractive and lacks short-term catalysts. Regarding the sustainability of the core IP Labubu's popularity, JPMorgan Chase believes that despite the decline in prices in the secondary market, which has raised concerns among some investors, this is not a signal of waning IP popularity but a result of rapid capacity expansion. Despite the downgrade in rating, JPMorgan Chase explicitly stated that it is not recommending "selling", and still believes in the long-term investment logic of Pipi Mart.