Pop Mart stock soars 12 percent with new Mini Labubus

Collectors and fans will have something new to lust after as Pop Mart chief executive officer Wang Ning announce a mini version of Labubus.

According to the New York Times, Wang told investors on an earnings call that the mini version can be attached on mobile phones. 

Pop Mart was on track to meet its targeted revenue goal of 20 billion yuan ($2.78 billion) in 2025. Wang added that "30 billion ($4.18 billion) this year should also be quite easy."

The company's stock, which traded in Hong Kong, rose more than 12.5 percent, South China Morning Post adds.

SCMP also states that Wang recently reported an interim net profit that quintupled to 4.57 billion yuan from a year ago.

Last June, Ning made history by becoming the 10th richest billionaire in China, and the youngest among the top 10. As stated by Forbes, Ning’s actual net worth as of 7 July is USD 21.1 billion.

Kasing Lung created a fairy world in three picture books inspired by Nordic mythology in 2015. He populated it with characters, good and bad. Among them was Labubu, a small monster with pointed ears and serrated teeth.

“I think Labubu is famous here in the Philippines,” Jeremy Lee, Pop Mart Southeast Asia market director, told DAILY TRIBUNE in a previous interview.

Other Pop Mart characters are Hirono, Skullpanda, Molly, Kubo, Hacipupu, Crybaby, Azura and Dimoo.