Labubu Rabububu fell in the second-hand market, and bubble Matt’s share price fell by 40%.

The current toy giant Pop Mart has recently faced serious market challenges, and the company ‘ s share price (HKG 9992) has fallen by more than 40 per cent since August 2025, when the historical heights of HK$ 335 each, evaporating the market value of over $100 billion, as the second-hand market of the IP Labubou fell sharply.

Labubu is an elf character characterized by rabbit ears and sawn teeth, and the parent company was able to benefit from Labubu’s first-year benefit in 2025 at the hands of BLACKPINK members Lisa, Princess Sryván of Thailand, Rehana, Beckhan, and other icons, and set off a global boom in Hong Kong, where the co-founder Wang Ning’s price was once the largest in the river.

However, the tide has not continued, and according to the media industry Bloomberg and the Japan Community, after the historic high of HK$ 335 in August 26, stock prices began to decline, with a cumulative decline of about 44% as of December 30, and the market’s concern about the cooling down of products such as Labububu has been a major blow to investor sentiment.

Media Express pointed out that price fluctuations in the second-hand market directly mirrored Labubu’s cooling, and that the second-hand price of Labubu’s dolls, which once had a premium of several, had now jumped sharply, and many cows had suspended their acquisition.

Here are some of the price changes in the secondary market for Labubu products:

In the face of Labubu’s over-the-counter challenge, BubbleMart is actively adjusting her strategy to place her hopes in the “Crybaby” and “Star Man” series, trying to replicate the Rabob’s violent red model to prove that her ability to grow is not a single IP.