暴跌的Labubu，才真是被资本做局了

Core Viewpoint - The article discusses the rapid decline in the auction price of Labubu collectibles and the corresponding drop in the stock price of Pop Mart, highlighting a potential manipulation of market sentiment by major shareholders [3][6][7][8]. Group 1: Price Fluctuations - Labubu's auction price fell from 580,000 yuan to 230,000 yuan within two weeks, indicating a significant market correction [3][6]. - Pop Mart's stock price reached a historical high of 262 HKD per share on June 10, 2024, before dropping to a low of 230 HKD by June 23, 2024 [7][8]. Group 2: Shareholder Actions - Major shareholders of Pop Mart began to sell off their shares, totaling over 3.3 billion HKD, around the same time Labubu gained popularity [9][11]. - In May 2024, during a peak in market enthusiasm for Labubu, early shareholders sold 11.91 million shares for 2.267 billion HKD [11][13]. Group 3: Market Dynamics - The article draws parallels between Labubu's rise and historical market bubbles, suggesting that the current situation reflects a cycle of speculation and subsequent market correction [24][26][28]. - The concept of "emotional value" is explored, indicating that while consumers believe in the value of these collectibles, major stakeholders are more focused on tangible value [19][21][27]. Group 4: Marketing Strategies - Pop Mart's marketing strategies, including limited releases and scarcity tactics, have contributed to the perceived value of Labubu, but these strategies may also lead to market instability [35][36]. - The article suggests that the company's actions have inadvertently fueled a secondary market for Labubu, leading to inflated prices and eventual crashes [35][36].