Shares of Pop Mart International Group Ltd. soared 5% on Thursday, outperforming the broader market, after one of its major shareholders offloaded part of its stake in the trendy toy retailer.
Brainhole Technology, a Hong Kong-listed firm, sold 187,000 shares in Pop Mart for HK$10.5 million (around $1.3 million) on Wednesday. The average selling price was HK$56.39 per share.
The share sale came as Brainhole said it wanted to reallocate its investments. Interestingly, Brainhole's own stock price jumped 26% following the transaction, suggesting investors viewed the move positively.
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