Chinese mystery box maker Pop Mart rakes in millions from millennial fans

HIGH HOPES

Pop Mart's listing will make its 33-year-old founder Wang Ning, who holds a 56% share in the firm, a billionaire. Pop Mart did not respond to requests for an interview.

Mystery toy boxes are not new and trace their origins to Japan's vending machine capsule models, Gashapon, a cash cow for the likes of toy maker Bandai. But Pop Mart has taken the trend to new heights, teaming up with artists to design new figurines and build up a pool of trademarks.

The company now distributes its products in 21 countries outside China. Its customers - mostly aged 18 to 35 - are 75% female, the prospectus said.

A key attraction for shoppers who buy the toys either online, from Pop Mart's 136 mainland China stores, or 1,001 vending machines, is the surprise element: They do not know which exact figurine they get until they open the box.

Some have become lucrative collectibles. Wang Di, a 19-year-old university student with more than 100 figurines, said she recently sold a rare Labubu - a rabbit-like creature with monster's teeth - for over 700 yuan, more than 10 times what she paid for it.

But other fans say they just love the toys for themselves.

"Working pressure is huge for young people, and when I see these beautiful figurines on my desk, I'm cheered up. Some people prefer fresh flowers on their desk, and they are flowers for me," said Wu.