The toy company is the top gainer in the MSCI China Index over the last 12 months, with its shares jumping more than 470%. The stock fell as much as 3% in Hong Kong trading on Wednesday.
The fervor for Pop Mart's toys has turned it into a global phenomenon, with fans sometimes queuing for hours outside stores for new releases. Its share rally has made its market value bigger than companies including Hello Kitty owner Sanrio Co. and Barbie maker Mattel Inc.
"We see it as taking profit," said Gary Tan, portfolio manager at Allspring Global Investments. "The deal was only done at a small discount to the last close despite a sharp gains in popmart's share price over the last two weeks."
