A Chinese mystery toymaker has seen his wealth surge after his company was floated on the stock market in in Hong Kong in December.
Pop Mart, founded by Wang Ning, has grown rapidly to become a company worth around seven billion dollars.
The firm sells collectible figures for about eight dollars or four hundred pesos each in packaging that doesn’t allow buyers to see what’s inside.
Beijing-based Pop Mart said it will use proceeds from the share sale to open more stores and expand overseas. Its shares rose 100 percent in early trading after the stock market debut.
Shaun Rein, managing director at China Market Research Group, said, “Chinese are stressed over long hours but face low pay at work and unaffordable housing prices, so they look for cheap forms of entertainment and purchases.”
Pop Mart sells its products in 21 countries outside China and says its customers are mostly aged 18 to 35, while 75 percent are female.