Wang Ning, the founder and CEO of Pop Mart International Group, has become one of China’s top ten richest individuals, thanks to the global success of the company’s flagship product the Labubu doll.
According to a recent Forbes publication, Wang’s net worth soared to $22.7 billion, placing him 10th on China’s Real-Time Billionaires List and making him the youngest member of the country’s billionaire elite.
The explosive demand for Labubu, a mischievous, rabbit-like collectable doll designed by Hong Kong artist Kasing Lung, has driven Pop Mart’s stock price to triple in value in 2025.
The company’s shares, listed in Hong Kong, surged past HK$270 ($34.40), giving Pop Mart a market capitalization of HK$365 billion. Celebrities like Rihanna, Dua Lipa, and Lisa of Blackpink have been spotted with the dolls, fueling their popularity across Asia, Europe, and the U.S.
“Wang Ning, founder of toy maker Pop Mart International Group, has joined the ranks of China’s top ten billionaires for the first time, as the company’s Labubu dolls fly off store shelves in Asia, Europe and the U.S.
“Wang, who is the Beijing-based company’s chairman and CEO, is now the 10th richest man in China, according to the Forbes’s Real-Time Billionaires List. With a net worth of $22.7 billion based on a Pop Mart stake, the 38-year-old is the youngest member of the country’s top echelon of tycoons, which includes ByteDance founder Zhang Yiming, Nongfu Spring Chairman Zhong Shanshan, and Tencent cofounder Ma Huateng,” the Forbes report read in part.
In April, a third edition release of the doll caused a frenzy, with reports of scuffles breaking out in a London store as fans scrambled to purchase the toy, which retails between £13.50 ($18.30) and £50.
A human-sized version of the doll was also auctioned in Beijing for a staggering 1.08 million yuan ($150,000). In China, the doll’s popularity even prompted Ping An Bank to offer it as a customer reward—until regulators halted the promotion, citing improper deposit incentives.
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Forbes reports that investment banks have taken notice of Pop Mart’s momentum, with Deutsche Bank raising its price target by 52% to HK$303, citing strong international growth.
“It is rare for a comic/toy IP [intellectual property] to break the culture wall and be embraced by both Asian cultures as well as mainstream Western pop stars and sports stars,” said Deutsche Bank analyst Jessie Xu.
- However, some analysts have expressed caution. Morningstar’s Jeff Zhang called the shares overvalued, citing long-term risks due to changing consumer tastes.
- Everbright Securities’ Kenny Ng noted that the company’s future hinges on its ability to keep generating new hit designs. Ng added that while shares are trading at over 50 times projected 2025 earnings, there may be opportunities for short-term investors if prices dip.
- Despite concerns, Pop Mart reported up to 170% year-on-year growth in sales for Q1 2025 and projected over ¥20 billion in full-year revenue, a more than 50% increase. In 2024, the company’s revenue doubled to ¥13 billion, while profits surged 180% to ¥3.1 billion.
Wang Ning’s meteoric rise powered by a doll with jagged teeth and a mischievous smile marks one of the most striking stories in China’s consumer retail and cultural export landscape in recent years.
