Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Equity Bottom-Up

<ul><li>Shares of Pop Mart International Group Ltd. hit an all-time high after the Chinese toymaker posted strong half-year earnings, fueled by frenzied demand for its Labubu plushies in the U.S. and other overseas markets.</li><li>The Hong Kong-listed company’s profit soared 385.6% year-on-year to nearly 4.7 billion yuan ($654.9 million) in the first half of 2025, while revenue jumped 204.4% to almost 13.9 billion yuan, according to a stock exchange filing on Tuesday.</li><li>Notably, Pop Mart’s revenue from the Americas skyrocketed more than twelvefold from the first half of 2024, while sales in Europe and other regions excluding Asia-Pacific jumped more than eightfold.</li></ul>

Shares of Pop Mart International Group Ltd. hit an all-time high after the Chinese toymaker posted strong half-year earnings, fueled by frenzied demand for its Labubu plushies in the U.S. and other overseas markets.The Hong Kong-listed company’s profit soared 385.6% year-on-year to nearly 4.7 billion yuan ($654.9 million) in the first half of 2025, while revenue jumped 204.4% to almost 13.9 billion yuan, according to a stock exchange filing on Tuesday.Notably, Pop Mart’s revenue from the Americas skyrocketed more than twelvefold from the first half of 2024, while sales in Europe and other regions excluding Asia-Pacific jumped more than eightfold.

Labubu Carries Pop Mart Stock to All-Time High 

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>As forecast, <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> will replace <a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> at the close on 5 September.</li>
<li>Estimated one-way turnover at the rebalance is 3% resulting in a round-trip trade of HK$4.8bn (US$612m). The final capping will use the close of trading on 2 September.</li>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart</a> is also being added to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> and that marks the end of inclusion in major indices for the stock.</li>
</ul>


As forecast, Pop Mart (9992 HK) will replace J&amp;T Global Express (1519 HK) in the Hang Seng China Enterprises Index (HSCEI INDEX) at the close on 5 September.
Estimated one-way turnover at the rebalance is 3% resulting in a round-trip trade of HK$4.8bn (US$612m). The final capping will use the close of trading on 2 September.

Pop Mart is also being added to the Hang Seng Index (HSI INDEX) and that marks the end of inclusion in major indices for the stock.


HSCEI Index Rebalance: Pop Mart Pops Ahead of Double Index Inclusion

<ul>
<li>Hang Seng Indexes announces changes to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index</a>, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.</li>
<li>The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto</a> if added to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a>, <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart</a> if added to the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> and <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, and <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> due to a FAF increase.</li>
</ul>


Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.
The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.
The largest inflows will be in Geely Auto if added to the HSTECH, Pop Mart if added to the HSCEI and HSI, and Horizon Robotics due to a FAF increase.


Hang Seng Indexes: Announcement Tomorrow; Potential Changes & Updated Flows

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>In 1H25, Pop Mart’s revenue surged by 204% YoY with all major business lines growing significantly.</li>
<li>We believe the operating margin will improve strongly in 2025 and rise slightly in 2026.</li>
<li>The P/E band suggests an upside of 64%  for the end of 1H265. Buy.</li>
</ul>


In 1H25, Pop Mart’s revenue surged by 204% YoY with all major business lines growing significantly.
We believe the operating margin will improve strongly in 2025 and rise slightly in 2026.
The P/E band suggests an upside of 64%  for the end of 1H265. Buy.


Pop Mart (9992 HK): Revenue Up by 204%, Margin Up by 17 PPT, 64% Upside

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2025.</li>
<li>The index changes are expected to be confirmed on 22nd August 2025.</li>
</ul>


The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2025.
The index changes are expected to be confirmed on 22nd August 2025.


Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks

China

Pop Mart International Group Limited operates as a toys wholesales company. The Company provides trendy toys designing, production, marketing, and other services. Pop Mart International Group markets its products worldwide.

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Pop Mart (9992 HK)

Labubu Carries Pop Mart Stock to All-Time High

Shares of Pop Mart International Group Ltd. hit an all-time high after the Chinese toymaker posted strong half-year earnings, fueled by frenzied...

Caixin Global

HSCEI Index Rebalance: Pop Mart Pops Ahead of Double Index Inclusion

Pop Mart will replace J&T Global Express in the HSCEI. Pop Mart is also an HSI add - the stock has run up and there could be profit taking against...

Brian Freitas

Hang Seng Indexes: Announcement Tomorrow; Potential Changes & Updated Flows

Hang Seng announces after market close on Friday. The net round-trip trade across the stocks is estimated at HK$54.3bn. There is positioning in the...

Brian Freitas

Pop Mart (9992 HK): Revenue Up by 204%, Margin Up by 17 PPT, 64% Upside

In 1H25, Pop Mart’s revenue surged by 204% YoY with all major business lines growing significantly. We believe the operating margin will improve...

Ming Lu

Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks

The official index change results for the Hang Seng index Sep25 review will be announced publicly on Friday (after market close). This might be a...

Janaghan Jeyakumar, CFA

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