Shares of the newly listed Beijing Pop Mart Cultural Creative Corp., Ltd. dropped by nearly 10% on Monday after its top-selling “blind box” toys drew harsh criticism from state-run media.

“Blind box” refers to small toys or figurines concealed in boxes of the same design, which have become widely popular in mainland China in recent years. Consumers are not given the option of choosing the toy they want, and can only identify their purchase after opening the box.

The blind box sensation has brought the 10-year-old toy manufacturer Beijing Pop Mart to a commercial peak, with a public listing on the Hong Kong Stock Exchange this month.

However, Xinhua News Agency condemned the blind box wave in an article published on Christmas Day, noting the exorbitant amounts spent by many blind box fans.

Xinhua said parents and teachers should guide young people to establish a healthy perspective on consumer spending and to avoid falling into traps. Watchdogs should take extra measures to restrict the sale of goods in the blind box model, it said.

The article also compared the consumption of blind box toys to gambling. One blind box costs about 39 to 59 yuan (US$5.96 to US$9), but the black market price can rise to over 1,000 yuan for collectibles.

One set of blind box toys comes in 12 basic designs that are known to consumers, with an addition of one to three “hidden” designs. One big box contains 12 blind boxes, and buyers do not know in advance whether they are buying the 12 basic designs or a mix of basic and hidden designs.

One carton contains 12 big boxes, which means the chance of buying a “hidden design” blind box toy is one in 144. Buyers who are eager to collect all the hidden designs might buy in bulk.

Share prices of Beijing Pop Mart initially fell by 15% on Monday morning as the market resumed trading in Hong Kong after the Christmas long weekend, hitting HK$72.05. It closed at HK$77.65, down about 10%.

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