POP MART INTERNATIONAL (9992.HK) - The hype about “blind boxes” and another equity bubble.

Pop Mart makes money primarily by selling collectible designer toys—especially through a format called “blind boxes”, where customers don’t know which figure they’re getting until they open it. This taps into a powerful mix of collector psychology, surprise, and scarcity, which drives repeat purchases and fan engagement. Pop Mart owns over 500 physical stores and 2,300+ vending machines ("roboshops") in 30+ countries. It has a strong e-commerce presence via its own app and platforms like Tmall and Douyin.
One of the most successful characters is MOLLY, with her striking lake-blue eyes, is a confident little girl who's always seen with a playful pout. She has a passion for drawing and is endlessly curious, always taking in the world around her with wonder. MOLLY dreams of capturing all her wild imaginations on canvas, creating freely and joyfully without limits.

The following observations can be derived from the charts below:
Following the IPO, the stock rose from the low of 61.20 on December 14, 2020 to the high of February 2, 2021 at 107.60. From this peak, it declined 91% to the low of October 31, 2022 at 9.98.
After the 2022 low, the stock entered a new uptrend which reached a new all-time high on June 12, 2025, at 283.40. This was a rise of 2600%.
The rise could be labeled as a complete five-wave structure. This means that the uptrend could just have topped in a BUBBLE. However, as long as the present correction does not break below 235 and 215, there is a chance that the chart adds one more upleg.
NEW BUY SIGNALS WOULD BE TRIGGERED WITH THE BREAK ABOVE 262, 272 AND 287. The stock could then rise to 310 or 350.
SELL SIGNALS WOULD BE TRIGGERED WITH THE BREAK OF THE SUPPORTS AT 244, 235, 220-215 AND 180.