China’s Pop Mart soars past Sanrio in market cap on Labubu blind box boom

China's Pop Mart soars past Sanrio in market cap on Labubu blind box boom China's Pop Mart soars past Sanrio in market cap on Labubu blind box boom

HONG KONG — China’s burgeoning “designer” toy industry has entered the spotlight with the meteoric rise of Pop Mart, whose blind boxes with random toys have won the hearts and wallets of young consumers.

The industry looks set to grow to 100 billion yuan ($14 billion) next year, the Communist Party-run People’s Daily reports.