摩根大通：泡泡玛特-关于抛售的观察与反馈-JPM _ Pop Mart (9992 HK) -- Observations & feedback on sell-off

Lisa Otani +852 2800 8871 lisa.otani@jpmorgan.com SALES COMMENTARY A lot of incoming today on what's driving Pop Mart's significant sell-off today (-10.6% on 3x ADV at time of writing), below the psychological HK$250/$230 level to a 4-month low. This is despite a massive 3Q Sales beat on Tues after-mkt (here/here). The sell-off started overnight with US ADR (PMRTY) down -10% on 6x ADV. It's also likely driving down Sanrio in Japan today (- 3.1%) in relation, alongside other "New Consumption" names: Bloks ...