Shares in Pop Mart, the chain behind the Labubu craze, sink after state media warns against ‘blind boxes’

Surprise commentary from a Chinese state-owned media outlet helped to send shares of Pop Mart, the toy store behind the buzzy Labubu dolls, down by 3.6% in Hong Kong trading Friday. 

People’s Daily, a state media outlet, published an article on Friday criticizing the practice of selling “blind boxes,” a practice where chains sell mystery boxes that contain an unknown item from a larger collection. Blind boxes rely on the element of surprise and artificial scarcity, as shoppers buy boxes in the hope of getting a rare item.