EquiLend Borrow Quantity increased from about 70 million shares in late March to 179 million shares in the last week, with utilization consistently above 90% through April, signalling lendable supply is being heavily absorbed. Over the same period, EquiLend Cost to Borrow rose above 1,000 bps, reflecting rising demand to borrow shares and tighter conditions in the securities lending market.

Pop Mart, best known for its “blind box” collectible toys and the viral Labubu character, has faced a sharp pullback following a reported $33 billion decline in market value. Investor focus has shifted toward signs of softening demand, including reports of weaker U.S. sales and concerns around reliance on Labubu as a key growth driver. The company has pursued stabilizing actions, including buybacks and efforts to extend Labubu into new products and media, but sentiment remains pressured as resale values decline.

With momentum shifting and short demand accelerating, subscribe to EquiLend’s real-time data to track how investors are positioning around one of the market’s most closely watched consumer stories.