Labubu Price Crash Triggers Market Storm: Pop Mart Shares Drop Over 6%, Scalpers in Panic

The release of Labubu 3.0 via online pre-sale channels triggered a major ripple effect in both capital markets and fan communities. Pop Mart’s official online store, Tmall, and Douyin opened extensive sales, pushing pre-order shipping dates as far as September. On Tmall alone, over 700,000 units were sold, generating nearly 70 million RMB in revenue at a unit price of 99 RMB.

With total restocks estimated at 4–5 million units across all platforms, the once-scarce collectible suddenly flooded the market. According to QianDao App, as of June 19, the average price of rare hidden figures in the “High Energy Ahead” series fell by 45%, while regular figures dropped over 50%.

In scalper communities, once-inflated box sets now see offers as low as 700–800 RMB, down from 1,500–2,800 RMB. Some speculators admitted, “It’s crashed. Nobody’s buying at the old prices.”

Social media reactions were mixed. Some cheered, “Finally got Labubu at retail!” while others lamented their losses: “Bought high, now it’s worthless… who’s the fool?”

Investors reacted quickly. Pop Mart’s stock fell sharply at the open and remained down 2.74% at midday, with over HK$100 billion in market value evaporated. Analysts warn that this disruption to perceived scarcity may affect Pop Mart’s long-term premium brand image.