Wang NO, founder and CEO of Pop Mart International Group, has advanced in the ranks of the ten richest people in China, driven by the global madness of the company's labubu dolls.
According to a Forbes Report published on Thursday, the 38 -year -old businessman is now worth $ 22.7 billion, placing him tenth among the richest in China.
His fortune is mainly linked to his participation in Pop Mart, a toy manufacturer that is quoted in Hong Kong whose actions have more than tripled in value this year.
The meteoric rise of the company is greatly attributed to the fugitive success of the Labubu doll, a mischievous and rabbit character created by Hong Kong Kasing Lung artist.
The collectible has caused a world frenzy, with fans in Asia, Europe and the United States crying out to have the toy in their hands.
“Wang NO, founder of the Pop toy manufacturer Mart International Group, has joined the ranks of the ten main billionaires of China for the first time, while the company's labubu dolls fly from stores in Asia, Europe and the United States”
“Wang, who is the president and CEO of the company based in Beijing, is now the tenth richest man in China, according to the list of multimillionaires in real time of Forbes.
“With a net worth of $ 22.7 billion based on a Pop Mart, the 38 -year -old is the youngest member of the country's upper level, which includes the founder of Bytedance Zhang Yiming, the president of Spring of Nongfu, Zhong Shanshan, and the co -founder of Tenncos Ma Huateng,” said Forbes.
Mart Pop shares are quoted above HK $ 270 ($ 34.40), which gives the company a market capitalization of HK $ 365 billion.
Investment banks are optimistic: Deutsche Bank recently raised their target price for 52% to HK $ 303, while Morgan Stanley also reviewed its upward projections.
Celebrity guarantees have helped feed Labubu's international attraction. The pop stars such as Rihanna, Dua Lipa and Lisa de Blackpink have been seen with the toy, lending the loan of pop culture beyond Asia.
“It is rare that a comic/toy IP breaks the Wall of Culture and is adopted by Asian cultures, as well as the main pop stars and the stars of the sport,” said Jessie Xu, an analyst at Deutsche Bank, Jessie Xu in a research report.
The demand has been so intense that the April launch of the third -edition Labubu wrist broken down fights in a London store, where fans paid between £ 13.50 ($ 18.30) and £ 50 for a single unit.
In China, a natural Labubu sculpture recently obtained 1.08 million yuan ($ 150,000) in an auction.
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