China’s ‘Blind Box’ Magic Breeds Millions of Peter Pans
Pop Mart and its viral Labubu toys are giving underemployed young Chinese a way to daydream and escape.
29 October 2024 at 4:00 AM SGT
By
Shuli Ren
Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.
Avoiding adulthood in China, one blind box at a time.
Photographer: Chen Yuyu/Visual China Group/Getty Images
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Almost four years after China launched its big consumer tech crackdown, a new breed of companies are catering to underemployed urban youth, and making billions of dollars off their desire to daydream and escape.
The most successful is perhaps Beijing-based Pop Mart International Group Ltd. The toymaker is on track to generate 11 billion yuan ($1.5 billion) in sales and 2.4 billion yuan in net income this year. Its Hong Kong-listed shares have soared 240%, making 37-year-old founder Wang Ning, who owns roughly half of the company, a
billionaire a few times over.