遭股东清仓式减持，泡泡玛特股价一度跌超4%！

Core Viewpoint - The recent "clearance-style" reduction of shares by the founding shareholder of Pop Mart (09992.HK) has caused significant market reactions, raising concerns about the company's stock valuation and potential bubble status [2][4]. Group 1: Shareholder Actions - Fangqiao Capital, the shareholder, sold all its shares in Pop Mart through block trades, totaling approximately 11.91 million shares, which represents about 0.89% of the company's total share capital, generating over HKD 2.2 billion [4]. - The founder, Tu Zheng, expressed gratitude for the 14-year journey with the company, from initial investment to final sale [2][5]. - Tu Zheng had previously reduced his holdings in May and October of the previous year, selling 16 million shares at an average price of HKD 35.1 and 5 million shares at an average price of HKD 58.8, respectively [4]. Group 2: Market Reactions - Following the announcement of the share reduction, Pop Mart's stock experienced significant volatility, dropping over 4% at one point and closing down 2.98% [4]. - Some investors are concerned that the stock may have peaked, indicating a potential bubble in valuation [4]. Group 3: Company Performance and Industry Outlook - Despite the shareholder reduction, Pop Mart's stock has surged nearly 10 times since the beginning of 2024, making it one of the top-performing stocks in Hong Kong [6]. - The company reported a substantial year-on-year revenue growth of 165%-170% for Q1 2025, with domestic revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [6]. - The global collectible toy market is expected to grow significantly, with the Chinese market projected to reach nearly RMB 90 billion by 2024 and maintain a compound annual growth rate of 14% over the next three years [6]. - Morgan Stanley raised Pop Mart's target price from HKD 164 to HKD 204, maintaining an "overweight" rating, while Bank of America noted the company's strong pricing power and resilience against economic downturns [6].