Wang Ning, the 38-year-old chairman and CEO of Chinese toy giant Pop Mart International Group, saw his net worth surge by $1.6 billion in a single day, according to the Forbes Real-Time Billionaires List, bringing his fortune to an estimated $16.1 billion. This dramatic increase followed a 13.2% spike in Pop Mart’s shares on the Hong Kong Stock Exchange, driven by a wave of popularity for the brand’s collectible toys in the United States.
Despite escalating trade tensions between China and the U.S., Pop Mart’s appeal has skyrocketed, with American consumers eagerly lining up at retail locations to obtain limited-edition designer toys. The Pop Mart shopping app even became the most downloaded free shopping app on the U.S. Apple App Store last Friday, as reported by Sensor Tower, a U.S.-based market intelligence platform.
One standout toy series is Labubu, a whimsical, rabbit-like character recognized by its mischievous expression. This figure has been spotted in the hands of high-profile celebrities, including Rihanna, who was seen with a Labubu doll attached to her Louis Vuitton bag. Another celebrity fan is Lisa of K-pop group Blackpink, who has shared her collection on social media.
Although Labubu and other toys often cost up to 60% more in the U.S. compared to China—excluding additional import tariffs—consumer demand has remained strong. Pop Mart’s products continue to resonate with international audiences, particularly in Southeast Asia and now increasingly in Western markets.
Financial analysts remain optimistic about the company’s growth trajectory. Kenny Ng, a strategist at Everbright Securities International in Hong Kong, noted that even with recent gains, Pop Mart’s share price remains within reasonable valuation levels, trading at around 40 times projected 2025 earnings, a figure he sees as justified by the company’s global expansion potential.
Chairman Wang himself predicted in March that Pop Mart’s total revenue could grow by 50% year-on-year, potentially surpassing 20 billion yuan ($2.7 billion) in 2025. In 2024, overseas markets already accounted for almost 40% of the company’s 13 billion yuan in revenue, with net profit climbing nearly 200% year-over-year to reach 3.1 billion yuan.
With rising international demand and celebrity endorsements, Pop Mart is rapidly establishing itself as a global force in the designer toy industry.
