Pop Mart's Wang Ning Faces $11.3B Loss as Labubu Trend Fades

Significant Wealth Decline

Wang Ning, Chairman and CEO of Pop Mart International Group, has experienced a substantial decrease in his wealth following the decline in popularity of Labubu toys. His fortune has dropped by $11.3 billion, from $27.5 billion to $16.2 billion. This change represents a significant shift in the fortunes of China's toy industry leaders.

Stock Performance

Pop Mart's stock price has been under pressure, falling by 40% from its peak in August. The stock dropped from HK$339.80 to around HK$200. This decline in stock price has contributed to Wang Ning's reduced wealth and changed his standing among China's wealthiest individuals.

Revenue Growth Concerns

The company is now facing challenges in maintaining its revenue growth. Initial projections of a 200% increase have been revised downward to 30%. This significant reduction in growth expectations signals potential ongoing challenges for Pop Mart as consumer preferences continue to evolve.

Impact on China's Rich List

The decline in Wang Ning's wealth has reshuffled the rankings among China's richest individuals. Jack Ma has surpassed Wang Ning following the drop in Pop Mart's stock price and Wang's resulting wealth decrease.