Labubu maker Pop Mart holds first buy-back in 2 years, surging 10% in show of confidence
AI Summary
Pop Mart, the Chinese toymaker known for its Labubu figures and blind box sales, saw its Hong Kong-listed shares surge nearly 10% on Tuesday after announcing its first share buy-back in two years. The company repurchased 1.4 million shares on Monday for HK$251 million (US$32 million), signaling management's confidence and a healthy balance sheet. This move follows a decline in share price from its peak last August, despite the stock remaining below last year's closing level. Analysts suggest the buy-back demonstrates Pop Mart's financial strength, with over 13 billion yuan (US$1.8 billion) in cash, allowing them to enhance shareholder returns amid competition and slower consumption.
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