Overview

• Ping An Bank’s promotion offered Labubu blind-box toys to customers who placed at least 50,000 yuan in a three-month deposit and to credit card applicants seeking later-series dolls.
• The giveaway exploded on social media platforms such as Xiaohongshu and RedNote, driving strong interest among younger savers.
• The Zhejiang branch of the National Financial Regulatory Administration instructed local banks to cease all gift-based deposit incentives and remove related marketing materials.
• Officials pointed to rising customer acquisition costs and record-low interest margins under a 2018 rule barring “inappropriate” perks as justification for the ban.
• Chinese lenders now face the challenge of boosting deposits and maintaining profitability amid falling rates, shrinking retail customer numbers and thinning margins.