A Study on the Impact of Information Disclosure Quality and Financial Management Risks: The Case of Pop Mart’s IPO

Abstract

This paper aims to explore the causal relationship between the quality of information disclosure and financial management risks in intangible-asset-intensive new consumer enterprises. Using Pop Mart (9992.HK), a leading Chinese trend toy company, as a case study, the research evaluates the quality of its publicly disclosed information. Combined with financial indicator analysis and calculations based on models such as Capital Asset Pricing Model (CAPM) and Weighted Average Cost of Capital (WACC), the study demonstrates the central role of information transparency in risk transmission. The study finds that Pop Mart’s vague disclosures regarding key intangible assets (IP value, membership data) and inventory information exacerbate information asymmetry, thereby significantly amplifying its valuation volatility, financing constraints, and inventory impairment risks. The findings of this paper provide micro-level evidence to support the optimization of voluntary disclosures by peer companies, risk pricing by investors, and the refinement of targeted guidelines by regulatory authorities.