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2h ago

Pop Mart’s Mini Labubu Sells Out in China as Wang Ning Overtakes Jack Ma

Explosive demand has powered a $56 billion valuation, with a weekend rollout set for the U.S., Australia and Thailand.

Labubu, Pop Mart, Wang Ning
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Overview

  • The new mini Labubu series vanished within minutes after a 10 p.m. China launch across Pop Mart’s WeChat and Tmall stores.
  • International sales begin Friday morning local time in major markets including the United States, Australia and Thailand, with U.S. pricing at $22.99 versus 79 yuan in China.
  • Forbes estimates founder Wang Ning’s fortune at $27.5 billion, placing him ahead of Jack Ma on the Real-Time Billionaires List.
  • Pop Mart shares have jumped more than 250% this year, valuing the company at about HK$435.7 billion ($56 billion), as first-half sales rose 204% to 13.9 billion yuan and profit climbed 397% to 4.6 billion yuan.
  • Resale listings show cases offered at more than double retail, while China’s customs agency reported seizing hundreds of counterfeit mini Labubu dolls.