Shares of Chinese toy maker Pop Mart International Group Ltd. rose the most in nearly four months on Wednesday, after chief executive officer Wang Ning said the company could easily surpass its annual sales projection and announced plans to launch a new mini Labubu doll.

The stock climbed as much as 11% to 310.6 Hong Kong dollars, the highest level since the company went public in Dec. 2020. That reversed earlier losses of up to 4.7%, as some analysts flagged concerns about longer-term demand for Pop Mart’s popular characters.

Wang told an earnings call that even he’s been unable to accurately predict earnings growth amid a global collecting frenzy for Labubu dolls. He said that while earlier this year Pop Mart hoped to hit 20 billion yuan ($2.8 billion), he now feels 30 billion yuan “wo

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