Pop Mart International Group chief executive officer Wang Ning is now officially richer than Alibaba cofounder Jack Ma. 

According to Forbes estimates, 38 year-old Ning, the youngest of the 10 richest Chinese billionaires, earned a fortune of $27.5 billion largely based on a company stake. He now ranks eighth, ahead of Jack Ma ($26.7 billion), the Real-Time Billionaires List records.

Forbes Middle East, meanwhile, reports that Pop Mart’s Hong Kong-listed shares have soared over 250 percent this year. 

Recently, Pop Mart released mini Labubus, a version of the viral doll that 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."