Labubu-maker Pop Mart’s shares extend slide as Morgan Stanley removes it from China focus list

Key Points

Pop Mart’s Hong Kong-listed shares dropped more than 5%, extending their slide from the previous session when they had slumped 5.3%.
The high-flying stock is on track for its first negative week since early May — down more than 13%. Its year-to-date gains stand at over 160%.
Morgan Stanley said in a note late Wednesday it was replacing Pop Mart with insurance company PICC P&C in the firm’s China and Hong Kong focus list.
The firm on June 10 had raised its price target on the toy company to 302 Hong Kong dollars from 224 HKD, on expectations that Pop Mart had room to grow in the long term.

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