Wang Ning, the founder and CEO of Pop Mart International Group, has become China’s 10th richest person, with a net worth of $22.7 billion.
Gatekeepers News reports that the company’s success is largely attributed to the popularity of its signature Labubu dolls, which have become a global phenomenon.
The company’s stock, listed in Hong Kong, has more than tripled in 2025, trading above HK$270 ($34.40), and pushing the company’s market capitalization to HK$365 billion.
The Labubu doll, created by Hong Kong-born artist Kasing Lung, has become a collector’s craze, with celebrities such as Rihanna, Dua Lipa, and Blackpink’s Lisa seen with the dolls, boosting their international appeal.
The doll’s popularity has sparked unconventional marketing strategies, including a recent incident where Ping An Bank in China offered Labubu dolls as incentives to customers who opened new accounts and deposited over 50,000 yuan. However, regulators later halted the practice, deeming it an improper promotional tactic.
Investment banks are optimistic about the company’s future growth, with Deutsche Bank recently raising its price target on Pop Mart shares by 52% to HK$303.
Wang, 38, is now the youngest member of China’s billionaire elite, joining the ranks of other business giants like ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.
