POP MART (09992.HK) -3.800 (-1.400%) Short selling $1.05B; Ratio 25.371% opened 2.9% lower at HKD268.8 this morning (15th) and sank to as low as HKD253.8, marking a slide of 8.3% at one point. It last traded at HKD254.4, down 8.2%, with a turnover of HKD2.877 billion.JPMorgan issued a report downgrading Pop Mart from Overweight to Neutral, and axed the target price from HKD400 to HKD300, and removed it from the catalyst watch list. Related NewsSoochow Securities Lists Top 10 HK Stocks w/ Highest Net Buys & Sells by Southbound Funds Last Wk (Table)The broker noted that four out of Pop Mart's seven catalysts have been realized (shiny 1H25 results, collaboration with Uniqlo, inclusion in the index, and opening of jewelry stores), while the remaining three catalysts (animation release, Labubu 4.0 product launch, and interactive toy listing) have lower visibility.Although the Labubu brand strength and sales momentum remain robust (despite a decline in Google search interest and second-hand prices due to increased supply), the stock price has already leapfrogged 209% so far this year and 466% YoY (vs a 32% and 52% rise in the HSI, respectively). The current valuation has fully priced in perfect expectations, and any fundamental underperformance or negative news (such as a drop in second-hand prices or third-party licensing issues) could trigger a price correction. Related NewsM Stanley Expects CN Sep Retail Demand to Struggle for Significant Recovery; Focus on Consumer Stocks' Recovery Speed & Price TrendsUnless new catalysts entail sustained above-expectation growth, the current risk-reward is unattractive, and investors are advised to wait for the next catalyst window (4Q25 – 1Q26) for redeployment.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-22 16:25.)