A significant share purchase has stirred the market for Pop Mart. On May 28th, Pop Mart opened strongly at HK$160, quickly climbing to HK$164.6 before retreating. The stock traded in a volatile range throughout the day, ultimately closing up 4.73% at HK$161.5, bringing its total market capitalization to approximately HK$216.58 billion.
This market activity was triggered by a notable share purchase by renowned investor Duan Yongping. The previous day, a disclosure to the Hong Kong Stock Exchange revealed that Duan Yongping, through his controlled entity H&H International Investment, purchased 9.8232 million ordinary shares of Pop Mart on May 25th at an average price of HK$150 per share. The total transaction value amounted to HK$1.47 billion.
Following this acquisition, Duan Yongping's total holdings in Pop Mart reached 76.3716 million shares, representing a 5.69% stake. This surpasses the 5% disclosure threshold, triggering mandatory reporting requirements. According to data from East Money Choice, as of April 22nd, Pop Mart founder Wang Ning held 44.978% of the company's shares as the largest shareholder, with Pop Mart Hehuo Holding Limited holding 4.712% as the second-largest. Based on this, Duan Yongping is now positioned as the second-largest shareholder. Calculated at the May 28th closing price of HK$161.5, the market value of his holdings is approximately HK$12.334 billion.
Media reports also indicate that Duan's investment strategy extends beyond direct stock purchases in the secondary market. He reportedly holds 37.52 million listed derivatives of Pop Mart, with settlement agreed to be in-kind.
Born in 1961, Duan Yongping founded the well-known consumer brands Subor and BBK. Since stepping back from operational roles around 2001, he transitioned to investing, gaining fame through a successful investment in NetEase during its early struggles, earning him the nickname "China's Warren Buffett." His subsequent investments in companies like Apple, Kweichow Moutai, Tencent, and Pinduoduo have further cemented his investment legacy.
In August 2025, when asked on a social platform about his understanding of Pop Mart, often referred to as "Bubble Moutai," Duan initially expressed interest in the company's products but stated he couldn't foresee its position in ten years, even suggesting he might be past the age to fully grasp the product's appeal. However, Pop Mart began appearing more frequently in his online discussions, and he even changed his social media profile picture to a Pop Mart product image.
By March of this year, his stance shifted. After spending several days researching the company, he retracted his earlier non-investment view. In April, when directly asked if he had bought shares, he gave an ambiguous response. When advised to try Pop Mart's products, he replied, "I will buy." After visiting a Pop Mart store in the US, he remarked that Pop Mart might be a pioneer in the internationalization of Chinese products. In his interactions, Duan has also voiced strong support for founder Wang Ning, praising his effort and calling him a rare and excellent CEO, confident in his ability to lead the company successfully regardless of specific IPs like LABUBU.
Pop Mart's stock price is currently at a relatively low point, having declined over 50% from its peak of HK$339.8 in August 2025. Many market observers attribute this to shifting investor sentiment rather than fundamental weakness, as the company's financial performance remains robust. In 2025, Pop Mart's revenue surpassed RMB 30 billion for the first time, reaching RMB 37.12 billion, a year-on-year increase of 184.7%. Its adjusted net profit was RMB 13.08 billion, surging 284.5% year-on-year. Notably, the THE MONSTERS series, which includes the popular LABUBU character, saw its revenue exceed RMB 10 billion for the first time.
For the first quarter of this year, Pop Mart expects overall revenue growth of 75% to 80% year-on-year. Revenue in the Chinese market is projected to surge 100% to 105%, while overseas market revenue is expected to grow 35% to 40%, though this represents a significant sequential decline from the fourth quarter of 2025. Analysis from Puyin International suggests that as the waning popularity of LABUBU exerts less marginal impact, the sequential decline in Pop Mart's overseas revenue is expected to narrow significantly in the second quarter and potentially return to sequential growth in the third quarter.
Pop Mart continues to diversify its business. In late April, it launched the THE MONSTERS Lifestyle Series Cooler, priced at RMB 5,999 each with a limited release of 999 units per design, generating significant buzz in the secondary market. During a conference call in May, management discussed early-stage plans for home appliance ventures, emphasizing a non-traditional approach that integrates small appliances with lifestyle, IPs, and pop toy culture to create a complementary product category.
Management also highlighted plans to further develop the commercial value of the LABUBU IP. For instance, a LABUBU feature film is in the scriptwriting phase, aimed at deepening consumer emotional connections. Pop Mart's theme park areas will offer immersive experiences exploring the LABUBU family and its stories. The company plans to launch two major new products centered on LABUBU in the second half of this year.
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