(Yicai Global) April 28 -- Shares of China's Pop Mart International Group slumped after the Japanese pop culture-inspired toy retailer was reported to have raised its prices.

Pop Mart’s stock price [HKG: 9992] fell as much as 6.2 percent to CNY65.35 (USD10.10) intraday today. The company raised HKD5.03 billion (USD648 million) from its Hong Kong listing last December.

The blind-box seller has increased its prices by 17 percent to CNY69, Yicai Global's sister publication Yicai reported this morning after checking out the Beijing-based company's retail outlet. New products have more sophisticated parts, a store worker explained.

Pop Mart has hiked its prices to cope with the rising raw material and labor costs, the firm told the Paper yesterday. Moreover, new toys feature a more elaborate design, it added.

The firm is testing whether its clients are sensitive to price increases, said an analyst who was predicting they are not. Product expenditures make up about 30 percent of the costs of the maker of mystery boxes with items such as figurines inside, the person added.

Pop Mart reported a 16 perfect jump on net profit to CNY524 million (USD80.8 million) in 2020 from 2019, according to its earnings report released last month. Its revenue jumped by 49 percent to CNY2.5 billion (USD385.4 million). The firm opened nearly 80 new stores last year to raise the total to 187 outlets. Moreover, it operated nearly 1,400 vending machines.

Fast-moving consumer goods makers, such as Coca-Cola and Procter & Gamble, have also recently raised their prices, citing commodity price hikes.

Editor: Dou Shicong, Emmi Laine, Xiao Yi