Pop Mart extended its rally in Hong Kong on Wednesday after unveiling an accelerated push into the US market, reports the South China Morning Post. The rise underscores how overseas expansion is helping the Chinese toymaker offset lingering pressures at home, says the Post.
The maker of Labubu figurines plans to open more than 20 new stores across the United States this year, under a partnership with US mall operator Simon Property Group, which announced the roll-out in mid-January. The outlets will be located in major shopping centres including King of Prussia in Philadelphia, Sawgrass Mills in Florida and The Westchester in New York, marking a step-change in Pop Mart’s overseas ambitions.
Shares of Pop Mart climbed as much as 9 per cent to HK$236 in afternoon trading, before ending 7% higher at HK$231.4, extending a rebound fuelled by a HK$350 million (US$45 million) share buy-back last week. The stock has now risen more than 32% from its year-to-date low of about HK$174.