Pop Mart Stock (9992): How to Trade the Labubu Company in USDT

Labubu stock? Meet the company behind the toy

Labubu, the toothy little monster that showed up clipped to handbags all over social media in 2025, was created by Hong Kong artist Kasing Lung as part of his series The Monsters. Pop Mart makes and sells it, mostly in blind boxes, where you don’t know which figure you’ve bought until you open the box. That small gamble is a big part of the appeal.

The craze took off globally in 2025, helped by Lisa of Blackpink showing hers off, and Pop Mart’s shares hit record highs along the way. The company is based in Beijing and has been listed in Hong Kong since December 2020. Labubu is its best-known character, not its only one, so buying into “Labubu” really means taking a view on the whole of Pop Mart.

Where Pop Mart stock trades: 9992, PMRTY and POPMART/USDT

If you are in the US and type “Pop Mart stock” into a search bar, you will run into three different things:

• 9992 in Hong Kong. The main listing, in Hong Kong dollars on HKEX, bought through a broker with access to the Hong Kong market and traded only during Hong Kong hours.
• PMRTY over the counter. An unsponsored ADR, meaning it was set up without the company’s sponsorship, quoted in US dollars during US hours; whether you can trade it, and how easily, depends on your broker.
• POPMART/USDT on Binance futures. A perpetual contract that follows the stock, settled in USDT and open 24/7. It joined the Tencent and Xiaomi contracts as the first consumer brand in Binance’s Hong Kong line-up.

The contract is a price, not a share: no ownership, no dividends, no shareholder rights. What it offers instead is access in USDT at any hour and the option to go short as easily as long. It is also priced in its own terms, so compare it with the Hong Kong quote in percentage moves rather than trying to match the two numbers.

You’ll find it under Stocks in the Fundex24 market list. Prices come from Binance futures, and any challenge or funded account can trade it on the POPMART/USDT trade page. If you want US names, gold or oil next to it, see how stocks and commodities share one account.

Why the Hong Kong open lands on the US evening

HKEX runs continuous trading from 9:30 a.m. to 4 p.m. Hong Kong time on weekdays, followed by a short closing auction, according to the exchange’s trading-hours page. Seen from New York, the open comes at 9:30 p.m. Eastern until the clocks go back on November 1 and at 8:30 p.m. after that; the close lands around 4 a.m., or 3 a.m. in winter. In other words, Pop Mart’s home market opens late in the East Coast evening and trades on through the night.

The contract never closes, but it doesn’t move evenly either. We grouped Binance’s hourly POPMART candles from August 12 to October 13 by Hong Kong time. The hour from 9 to 10 a.m., which includes the open, had an average high-to-low range of about 1.8%, roughly twice the next-busiest hour. Between 1 and 8 a.m. Hong Kong time, hours often averaged around 0.2%.

Weekends are quieter still. Over the last 60 days a Saturday or Sunday had an average range of about 1.0%, against roughly 2.8% on a weekday. That is the real weekend risk: very little happens while Hong Kong is shut, and anything that broke in the meantime gets priced in once trading resumes. In our sample the Monday opening hour was no wilder than other mornings, but one weekend headline is enough to change that.

A calmer chart than the AI names

Next to the AI names in the same Stocks list, Pop Mart is calm. Over the last 60 days the contract’s average daily range was 2.3%, about half of OpenAI’s 4.5%. Only 5 of those 60 days covered 5% or more, and none reached 8%. The widest day, August 20, spanned 7.4%. Its best day in the last 90 was +3.6%, its worst −3.4%.

The trend since launch has been a slow leak rather than a crash. The contract opened at 20.88 on July 23, peaked at 22.19 on July 29, bottomed at 17.92 on August 21, and stood near 19.1 at the time of writing (mid-October 2026), down 8.4% since its first day and 2.5% over 30 days. None of that says where it goes next.

Pop Mart publishes its results and company announcements through the Hong Kong exchange, so big reactions tend to show up when Hong Kong trades, which is one more reason the open is the hour to plan around.

Tighter stop, bigger position: the POPMART math

A calmer market lets you use a tighter stop and a larger position, but the risk doesn’t vanish; it moves to the Hong Kong open. On the $29, $3,000 challenge your room is $150 of loss per day and $300 overall, and open trades count toward both.

Say you risk $45 on a trade and place the stop 3% away, just outside the 2.3% average day. The position is $45 ÷ 3% = $1,500, which needs $150 of margin at 1:10 or $300 at the 5x the trade page starts on. A repeat of the 7.4% day would cost $111 with no stop, leaving $39 before the daily line. The catch: the opening hour alone averages a 1.8% range, so a 3% stop set the evening before can be hit in the first minutes after 9:30 a.m. in Hong Kong. If you hold through the open, use a wider stop and a smaller position, or wait and enter after it.

Progress will be steady rather than fast. Step 1 asks for $300 and Step 2 for $240, each over at least five valid trading days, and a day only counts as valid if a closed trade makes or loses at least 0.25% of the starting balance, $7.50 here. On a $1,500 position a 2% move is worth $30, so you would need a string of good trades. The 60% rule, which leaves out any single trade that earns $180 or more toward the Step 1 target, is unlikely to bite: that would take a 12% move, well beyond anything POPMART has done so far. Profit from a trade held for less than five minutes doesn’t count, so this is not a market for quick flips around the open.

Where to start if Hong Kong stocks are new to you

Run it on paper first. Sign up for the free practice account: $10,000 in virtual money, three days, leverage up to 1:10, enough to watch one Hong Kong open live before you risk a fee. The built-in trading terminal is the same in practice and in a challenge.

When you’re ready, the challenge price list starts at $29 for $3,000, and PROPOFF10 knocks 10% off the $3,000, $6,000 and $10,000 plans, once per user. Expect to fail more often than not; most challenge buyers do, so only spend a fee you can shrug off. The funded account at the end runs on simulated capital, and your share of its profit is 80%. Common questions about plans and payouts are answered in the Fundex24 FAQ.

Risk note: perpetual contracts use leverage and can lose money quickly; a contract that trades while its home exchange is closed can jump when that exchange reopens. Nothing here is investment advice.

Pop Mart and Labubu stock: short answers

Is there a Labubu stock?

No company is called Labubu. The character belongs to Pop Mart International Group, so people searching for Labubu stock are looking for Pop Mart, code 9992 in Hong Kong.

Which code is Pop Mart listed under?

It is 9992 on the Hong Kong exchange. The unsponsored US ADR is PMRTY, and the Binance perpetual is POPMART/USDT.

What is PMRTY?

It is an unsponsored ADR for Pop Mart on the US over-the-counter market, set up without the company’s sponsorship. Pop Mart has no listing on Nasdaq or the NYSE.

Should I compare POPMART with the Hong Kong quote?

Yes, by percentage change. The contract is quoted in USDT and follows the stock, so don’t expect its number to match the Hong Kong dollar quote on screen.

Why does POPMART move most in the US evening?

Because that is when Hong Kong opens: 9:30 a.m. there is the evening in New York. The overnight Hong Kong hours and the weekends are usually very quiet.

Is it possible to go short on Pop Mart?

Yes, through the contract. A Fundex24 challenge or funded account can open a short on POPMART/USDT the same way as a long.