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POP MART Falls ~5% at Midday Amid Heavy Trading; US NGO Claims CN Labubu Supplier Exploits Workers
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After opening flat today (16th), POP MART (09992.HK) slid steeply and once sank by 6.8% to a nearly one-year low of HKD176.4. It settled the midday at HKD180.2, down 4.76%, on a volume of 20.8184 million shares and turnover of HKD3.768 billion. A US-based non-governmental organization (NGO) claimed to have found evidence of worker exploitation at a factory producing dolls for POP MART's popular IP, Labubu, in China. The NGO alleged that its investigation uncovered one of POP MART's suppliers forcing employees to work excessive overtime shifts, sign blank or incomplete contracts, and denying them paid leave. POP MART responded that it had taken note of the details in the investigation report, and it will "firmly" demand that the subcontractor correct its practices if the allegations prove true. AAStocks Financial News |
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