Pop Mart unveils record buyback following 30pc share drop

Pop Mart International (9992) launched its largest share buyback after its shares plunged over 30 percent within two days, as investors were concerned about the durability of its growth that relied on the hot Labubu dolls.

The toy giant bought back 3.94 million shares for HK$599.7 million, according to an exchange filing. 

This move followed a two-day share plunge of 31 percent triggered by its earnings results, which wiped out HK$891 billion in market capitalization.

In January, the company also repurchased 1.4 million shares for HK$251 million, which sent its shares surging over 50 percent within a month.

However, its shares still closed 0.73 percent lower on Friday.