NEW YORK, Nov. 16 -- The frenzy surrounding Labubu toys is showing striking similarities to the boom-and-bust cycle that led to the collapse of Beanie Babies in the 1990s, a warning sign for investors in Pop Mart International, according to a bearish analyst.

Melinda Hu, a senior research analyst at Bernstein, argues that the hype over the sharp-fanged monster dolls is nearing its peak, and with doubts about the company's next sales driver, its shares have limited upside, Bloomberg reported.

Hu is currently the only analyst out of 46 to have a "sell" rating on the company.

"The scarcity, the hunt, the dopamine hit and the secondary market" fuelling Labubu's popularity all resemble the speculative cycle of Beanie Babies, she said.

The ...