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Investing.com-- Pop Mart International (HK:9992) shares rose sharply on Tuesday after Apple (NASDAQ:AAPL) CEO Tim Cook was seen visiting an exhibition of the toymaker’s hit Labubu figures in Shanghai.
Cook was seen meeting Pop Mart founder and CEO Wang Ning, as well as Labubu designer Kasing Lung at an exhibition marking the 10th anniversary of the line’s creation.
Pop Mart shares rose as much as 6% before trading up 2.5% at HK$267.40 by 22:41 ET (02:41 GMT). They outpaced a 0.3% drop in the Hang Seng.
Labubu, which grew into a viral phenomenon over the past year, was a major driver of Pop Mart’s valuation, with the company tripling in value this year. But Pop Mart trimmed some of its stellar gains amid concerns that the Labubu craze was cooling.
Cook’s appearance at the Labubu exhibition was widely seen as acknowledgement of the brand’s growing popularity, especially among younger consumers across the globe. The Apple chief has a habit of highlighting local brands during his China visits, which usually generate viral attention on social media.
Cook’s visit to China also came as Apple’s newest iPhone line began selling in the country last month. Apple’s iPhone Air was also recently approved for sale in China.