Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac ECM and Index Rebal

SELL Pop Mart (9992 HK): Pre-Earning Update

SELL Pop Mart (9992 HK): Post Results FLASH NOTE

SELL Pop Mart (9992 HK): Takeaways from Post-Results Briefing

2026 High Conviction: Sell Pop Mart Intl (9992 HK)

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Bottom-Up

<ul>
<li>Following our initial Sell Pop Mart note, we conducted selective offline channel checks across overseas markets, and provided updated trend indicators.</li>
<li>Our observations are consistent with the view that recent strength in Labubu-driven sales is unlikely to be sustainable.</li>
<li>In parallel, secondary-market pricing for key Pop Mart items has continued to weaken after launch, reinforcing signs of demand normalization.</li>
</ul>


Following our initial Sell Pop Mart note, we conducted selective offline channel checks across overseas markets, and provided updated trend indicators.
Our observations are consistent with the view that recent strength in Labubu-driven sales is unlikely to be sustainable.
In parallel, secondary-market pricing for key Pop Mart items has continued to weaken after launch, reinforcing signs of demand normalization.


Sell Pop Mart (9992 HK) Updates (2026 Jan): Offline Channel Checks and Trend Data