Once richer than Peter Thiel, Pop Mart’s Wang Ning sees $6 billion vanish with Labubu hype

Celebrities from David Beckham “the ugly cut” by David Beckham boasted to Lisa Blackink, prompting re -sale prices to amazing heights.

But as soon as the “cold fishermen” move, Wall Street does it too, and Wang finds that the method is expensive.

Since Pop Mart Peak on August 26, the arrow fell by 20 %, with $ 13 billion in the market – a quarter of its value to his company – has shown madness. Hong Kong shares in Hong Kong in Beijing continued to diving on Monday, as up to 9 % slid in the dearest day in one day since the United States revealed a “liberation day” tariff in April.

Wang has personally lost $ 6 billion from his clear wealth since late August, according to Forbes appreciation.

The sharp withdrawal follows a discount on Monday from JPMorgan, as analysts have warned that the company’s evaluation leaves a “small margin of error” after an increase of 427 % during the past year.

Pop Mart did not respond immediately wealth Request to comment.

From madness to comedown

Over the course of 2024 and early 2025, Pop Mart was loved by the Hang Seng index, where Labubu dolls sparked madness throughout Asia. But a game with noise based on its engineering scarcity – it is difficult to assemble Labubu dolls, and has a prosperous reselling value – forever.

“Everything looks like an inevitable life cycle of something that becomes an unhappy, and begins to fade,” said Brook Duffy, a social media researcher and a professor of communications at Cornell University. luck. “Once a lot of attention is nullified on the direction, he immediately loses his social currency.”

I compared the rise of Labubu and Tickle Me Elmo Craze in the 1990s: it is impossible first to find it, then suddenly everywhere, and finally it is no longer cold.

The growth of pop -mart has not yet been. Sales have increased over the past two years, as revenues have increased more than twice in 2024 and another 200 % climbed in the first half of 2025.

But there are early signs of fatigue. Re -sale prices of Labubu holdings slide, and analysts worry that the company still relies heavily on one product.

“As soon as I saw the celebrities they showed, this was the turning point for the general Zi,” Dove explained. “It was rarely suddenly felt commercial.”

JPMorgan analysts have reported that doubts were reduced, which reduced their target price to $ 300 Hong Kong dollars from $ 400 Hong Kong. JPMorgan said that while Popmart’s profits in the first half and cooperate with trademarks such as Uniqlo hit their signs, the upcoming projects, including the Labubu animated chain and interactive games, have a speculative value so far.

Bob Mart, in other words, is a victim of its success. After a collection of five times over the past year, until the simple disappointments-from the weakest values ​​re-sale or whispers around the quality of the product-leads to a significant sale. So what seemed to be a fugitive growth story now seems more unstable.

Test to survive power

The deep question is whether LaPobo can have a “soft landing” of its madness and develop from heresy to privilege.

Duffy said: “The grandmother will always start.” “You just don’t know when. This is the inability to predict is what keeps marketers at night.”

Pop Mart is betting on the expansion greatly, seeking to operate 200 foreign stores and the “Roboshops” by the end of the year, and aims to contribute to foreign markets by 60 % of profits by 2027. Labubu still only represents more than a third of sales.

But maintaining cultural importance is more difficult than expanding the scope of retail.

“It looks like a critical turning point,” Dofi said. “In the social media age, the noise cycle moves very quickly. Something everywhere yesterday could feel excessively today.”

For Wang, the watch is wandering: Look for a way to keep Labubu Fresh, or risk watching a billion dollars in the previous heresy box.

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