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Labubu will bless its owner to be daydream their days away according to good CCP media
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.
