Chinese billionaire Wang Ning has nearly tripled his fortune this yea by selling toys. All of this was thanks to the huge requests from investors in response to the Initial Public Offering (IPO) of his Pop Mart International Group.
Pop Mart shares began trading in Hong Kong on Friday (11/12/2020). The company said it would use the proceeds from the IPO to open more stores and expand overseas.
Quoting Forbes on Sunday (13/12/2020), the Beijing-based company raised US $ 674 million by setting its IPO price above the previously indicated range of 31.5 Hong Kong dollars to 38.5 Hong Kong dollars. per share.
Wang, who owned just under 50% of the company after the sale, now has a net worth of US $ 3.2 billion. This value is up from the previous US $ 1.2 billion.
Wang Pioneers of ‘Blind Box’ Toys
This 33-year-old entrepreneur is the pioneer of a product “blind box” toy. Pop Mart sells collectible figurines for around $8 each in packs. It doesn’t allow buyers to see what’s inside.
Pop Mart’s rapid growth is attributed to its attractiveness among young Chinese consumers looking to build their collections. Although stores temporarily closed earlier this year to comply with quarantine measures following the Covid-19 pandemic, the company’s prospectus said revenue in the first half grew 51% to 817.8 million yuan, and net profit reached 141.3 million yuan, a 24% increase from the same period last year.
Dimoo is The Best Selling Doll
The company’s best-doll of the year is the Dimoo (alien with a puff of cotton candy hair) series, featuring designs obtained from mainland China-based artist Ayan Tang.
Dimoo accounted for 14.4% of the company’s sales in the first half. Sales surpassed the previous bestseller series, the Molly doll which was a collaboration with a Hong Kong-based artist. Namely Kenny Wong who has now reached 13.7% of sales.
Pop Mart sells their products online and offline. The company plans to open 183 new stores in China by the end of 2022. It currently has 136 stores spread across 33 cities.
In the next two years, the company will also add 1,800 robo-shops that have dispensers such as vending machines for blind boxes. Not only in China, this expansion will reach several other countries such as South Korea, Japan and Singapore.