Pop Mart saw its Hong Kong-listed shares jump nearly 6% on Wednesday, fueled by viral demand for its latest blind box series featuring plush keychains that emit wooden fish sounds when tapped. The product sold out on the company's official platform within days, with limited-edition versions trading at more than triple their retail price on secondary markets.

The "PUCKY Knock Knock Series," priced at 99 yuan ($13.70) per box, has become a social media sensation this month as young consumers embrace the stress-relief toy. The surge comes as Pop Mart navigates a cooling market for its previously dominant Labubu IP, which has seen prices collapse on resale platforms since late 2025.

Pop Mart's stock closed up 5.97% at HK$206 per share on January 22, lifting its market capitalization to HK$27.64 billion. The rally followed afternoon trading momentum, reversing weeks of subdued performance for the collectible toy maker.

The company executed its second share buyback this week on January 21, repurchasing 500,000 shares for HK$96.49 million at prices ranging from HK$191.1 to HK$194.9. Total buybacks this week have reached nearly HK$350 million.

Product Design Taps Emotional Wellness Trend

The PUCKY series features plush keychains combining soft materials with electronic sound chips that produce crisp wooden fish percussion when the head is patted. Each of the six regular designs carries auspicious messages including "Wealth +1," "Happiness +1," and "Wisdom +1," while a seventh hidden variant drives collector demand. A full set of six units retails for 594 yuan.

The product has been dubbed the "office healing artifact" on Chinese social platforms, aligning with younger consumers' preferences for accessible stress management tools. Pop Mart's official mini-program currently shows the series as sold out.

On secondary markets, hidden variants command prices around 327 yuan on e-commerce platforms, representing a 230% premium over retail. Regular designs trade closer to face value at 90 to 100 yuan, while hidden editions list for 245 yuan or higher on peer-to-peer resale sites, according to checks by Jiemian News.

Labubu IP Faces Market Correction

The viral success of PUCKY arrives as Pop Mart's flagship Labubu character experiences significant price deflation. Since late 2025, the previously scarce IP has flooded secondary markets, with topics about "Pop Mart's 50% discounts" trending across social platforms for consecutive days.

Resale platforms including Xianyu show substantial inventory from both individual collectors and commercial resellers liquidating positions, concerned about holding depreciating merchandise. The shift from "impossible to obtain" to market saturation marks a notable reversal for the character that drove much of Pop Mart's recent growth.

The PUCKY product demonstrates Pop Mart's ability to identify emerging consumer sentiment and translate abstract decompression needs into tangible collectibles that generate social media engagement and repeat purchases.

Cross-Industry Collaboration and Analyst Outlook

On January 19, Pop Mart launched the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" smartphone in partnership with Honor, priced at 4,499 yuan with post-subsidy pricing at 3,999 yuan. Sales begin January 25 at 10:08 a.m. The device features MOLLY branding on the rear cover, custom UI themes, boot animations, and camera watermarks, positioning itself as the "industry's first collectible toy phone" targeting younger demographics.

Morgan Stanley projects Pop Mart's 2025 net profit at 12.6 billion yuan, supported by approximately 20 billion yuan in net cash as of late last year. Analysts suggest the company's aggressive buyback program could establish a price floor for shares, with 2025 annual results and first-quarter 2026 performance expected to provide strong fundamental support. Current valuation levels are viewed as offering substantial safety margins by market observers.

The company's ability to cycle through IP popularity while maintaining product innovation and operational momentum remains central to its investment thesis as competition intensifies in China's collectible toy sector.