(Yicai) Jan. 27 -- Shares of Pop Mart International Group, the Chinese toymaker behind the Labubu collectibles craze, have rebounded from a five-month slump after it released a new character collection that went viral and a co-branded phone with Honor.

Pop Mart [HKG: 9992] has climbed 24 percent since sliding to an intraday low of HKD174.30 (USD22.35) on Jan. 19, after almost halving in value from a high of HKD339.80 on Aug. 26 last year. The stock closed 0.6 percent lower at HKD216.20 in Hong Kong today.

Released on Jan. 15, the new collectibles series -- Pucky Tap Tap -- became instantly popular, with offline stores sold out. Then on Jan. 19, Pop Mart and Honor jointly launched the Honor 500 Pro Molly 20th Anniversary Edition. Priced at CNY4,499 (USD650), the smartphone officially hit the market on Jan. 25.

Pucky Tap Tap has contributed to the stock’s recent rally, but the more material catalyst may be the co-branded phone, which represents a shift for Pop Mart from wearable decorative products to more practical and essential daily tools and creates a fresh narrative for investors, Zhang Shule, a gaming industry analyst, told Yicai.

Pucky Tap Tap reimagine the hollow wooden percussion instruments shaped like fish that are used in Buddhist and Taoist rituals as well as in folk music. These new plush electronic collectibles, which make the sound of a wooden fish when tapped on the head, are positioned as a lighthearted, stress-relieving item built on Pop Mart’s long-running Pucky intellectual property.

On second-hand platforms, the price of a single blind box of Pucky Tap Tap has risen to between CNY134 and CNY396 (USD19 and USD57) from the official price of CNY99 (USD14), with the premium for the secret edition exceeding 300 percent.

“A lot of consumers came to buy Pucky Tap Tap toys recently, and those who can't get them are often left to interact with the display samples," a Pop Mart shop assistant in Shanghai told Yicai, adding that there is no word yet on when the store will restock.

Pucky is one of Pop Mart's classic intellectual properties. The first popular Pucky toy series was released in 2018. The Pucky Roly-Poly Kitty series of vinyl plush blind box toys grew in popularity in 2024.

Pucky Tap Tap’s success stems from its resonance as an emotionally soothing, stress-relief item among younger buyers, a consumer analyst said. That shows Pop Mart’s ability to spawn new blockbusters and to reinvigorate legacy IPs, bolstering investor confidence in its multi-IP operating model and ability to grasp consumer emotions, the person said.

These factors have helped catalyze the stock rebound, the analysts noted.

Editors: Tang Shihua, Futura Costaglione