Latest news with #ZhangYiming
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First Post
2 days ago
- Entertainment
- First Post
How Labubu frenzy made its founder Wang Ning China's youngest billionaire
Wang Ning, founder of toy maker PopMart, the company behind Labubu dolls, is one of China's youngest billionaires. The 38-year-old is now among the country's top 10 richest people, with a net worth of $22.7 billion, rubbing shoulders with founders of companies like Tencent, ByteDance and Nongfu read more Wang Ning, the founder of Pop Mart International Group, is now one of China's wealthiest individuals, all thanks to the skyrocketing popularity of Labubu dolls across Asia, Europe, and the US. Image courtesy: PopMart You might not fully understand the hype around Labubu, and honestly, you're not alone. The scruffy, bug-eyed doll is everywhere these days. Love it or not, one thing's certain: this odd little creature has minted its maker a fortune. Wang Ning, the founder of Pop Mart International Group, is now one of China's wealthiest individuals. At just 38, he's become the country's 10th richest person, and the youngest on the list, all thanks to the skyrocketing popularity of Labubu dolls across Asia, Europe, and the US. According to Forbes' Real-Time Billionaires List, Wang Ning's net worth has soared to $22.7 billion — nearly quadrupling from $7.59 billion earlier in 2024. He now ranks alongside industry giants like ByteDance's Zhang Yiming, Nongfu Spring's Zhong Shanshan, and Tencent's Ma Huateng. STORY CONTINUES BELOW THIS AD So, how did this 'ugly-cute' toy build a billion-dollar empire? Here's what we know. How did the Labubu craze begin? Labubu was born from the imagination of Kasing Lung, a Hong Kong-based Belgian artist known for his quirky monster-themed artwork. The character first appeared in 2015 in his illustrated book series The Monsters, where it stood out for its wild hair, wide eyes, toothy smile, and that odd mix of creepy and cute. While Labubu started as a niche character known to art toy collectors, everything changed in 2019 when Pop Mart saw the character's potential. The company teamed up with Lung, licensed Labubu, and introduced it into its popular 'blind box' collections—a hit format among Gen Z and millennials where buyers don't know which figure they're getting until they open the box. That mystery factor, combined with Labubu's offbeat charm, quickly sparked a collector craze. From small keychains to life-sized plush toys, Labubu is now available in hundreds of designs. Some of the rarest ones have sold for thousands of dollars in resale markets. While Labubu started as a niche character known to art toy collectors, everything changed in 2019 when Pop Mart saw the character's potential. File image/AFP With its growing popularity , Labubu soon crossed over into global pop culture. Celebrities like Rihanna, Kim Kardashian, Dua Lipa, BLACKPINK's Lisa, and even Bollywood actor Ananya Panday have been spotted with the doll. Every time a new Labubu design is released, it flies off the shelves. While standard figures sell for about $30 (around Rs 2,500), limited editions can fetch much higher prices. In one jaw-dropping example, a human-sized Labubu recently sold for $150,000 (roughly Rs 1.28 crore) at an auction in Beijing. A Labubu doll in China recently fetched $150,000 (Rs 1.28 crore) at auction. Reuters A bank in China also tried to entice new customers by offering Labubu toys to anyone who opened a new account and deposited more than 50,000 yuan. However, the move was blocked by financial regulators. How Labubu made Wang Ning one of China's richest Wang Ning, the man behind Pop Mart, didn't start out in the toy business. A former state television employee, he launched Pop Mart in 2010 as a small Beijing-based store selling designer lifestyle products, toys, and gadgets. But it wasn't until he leaned into the growing demand for collectible art toys—especially blind box figures—that his business truly took off. STORY CONTINUES BELOW THIS AD In 2020, Pop Mart went public on the Hong Kong Stock Exchange, and shares surged by 79 per cent on the first day of trading. Since then, the company has expanded globally, opening flagship stores in cities like New York, London, Tokyo, and Seoul, and launching its own theme park in Beijing. Pop Mart's financial success hit new highs. The company's net profit surged by 188 per cent, with overall sales more than doubling to around 13 billion yuan (approximately $1.8 billion). Image courtesy: PopMart By 2024, Pop Mart's financial success hit new highs. The company's net profit surged by 188 per cent, with overall sales more than doubling to around 13 billion yuan (approximately $1.8 billion), according to reports. Big luxury brands like Coach and Louis Vuitton have also teamed up with the company for special collaborations. Much of this success can be traced back to Labubu. Pop Mart's The Monsters series, which features the oddball character, saw its revenue soar by a staggering 726.6 per cent, making it one of the brand's most profitable and popular lines. With this momentum, global investment giants have taken notice. Deutsche Bank and Morgan Stanley have both raised their share price targets for Pop Mart. Deutsche Bank, in particular, raised its target by 52 per cent to HK$303, citing strong international growth. STORY CONTINUES BELOW THIS AD 'It is rare for a comic/toy IP [intellectual property] to break the culture wall and be embraced by both Asian cultures as well as mainstream Western pop stars and sports stars,' Deutsche Bank analyst Jessie Xu said in a note quoted by Forbes. With input from agencies
The Standard
24-06-2025
- Business
- The Standard
Top mainland billionaires see fortunes surge on strength of AI
Zhang Yiming, seen in Palo Alto, California, in March 2020, saw his wealth balloon to over 481 billion yuan following the massive traction of ByteDance's content platforms and its early bet on AI tech, according to Securities Times. Photo by REUTERS
South China Morning Post
23-06-2025
- Business
- South China Morning Post
ByteDance founder Zhang Yiming plays critical role in firm's AI push despite low profile
Zhang Yiming, the billionaire founder of TikTok owner ByteDance, has become more involved in the company's artificial intelligence (AI) initiatives, according to local media reports and sources familiar with the situation. While Zhang has stayed out of the public limelight since handing over the chairman and CEO roles to co-founder and former college dorm roommate Liang Rubo in 2021, the 42-year-old Chinese entrepreneur still plays a critical role behind the scenes of ByteDance's AI research, according to one source, who declined to be identified. The source said that Zhang regularly travels from Singapore, where he is based, to Beijing, where some of ByteDance's core AI researchers are located, to stay on top of the company's research activities. Zhang, who Bloomberg ranks as China's richest man with a net worth of US$57.5 billion, has regularly attended meetings with members of the firm's core AI team since the second half of 2024, according to the source. According to the Shanghai-based China Business News, Zhang's involvement in AI research was similar to the role Sergey Brin played at Google. Brin co-founded Google with Larry Page in 1998, but he stepped down as president of Alphabet, the parent company of Google, in 2019. The logo of ByteDance is seen on a mobile phone, on February 14, 2025. Photo: AFP The Paper, a Chinese news website backed by Shanghai United Media Group, reported on Friday that Zhang had increased his involvement in AI-related research at ByteDance. He has repeatedly emphasised his target of achieving artificial general intelligence (AGI), a type of AI that reaches or surpasses human cognitive capabilities, according to The Paper.
Hi Dubai
12-06-2025
- Business
- Hi Dubai
ICBC Lists USD 1.72 Billion in Green Bonds on Nasdaq Dubai
Industrial and Commercial Bank of China (ICBC) has listed three green bond issuances worth a combined USD 1.72 billion on Nasdaq Dubai, reinforcing its leadership in sustainable finance and its commitment to the UAE capital market. The listings were made under ICBC's USD 20 billion Global Medium Term Note Programme through its branches in Dubai (DIFC), Hong Kong, and Singapore. The issuances include USD 1 billion floating rate notes by the Hong Kong branch, USD 300 million fixed-rate notes by the Singapore branch, and CNH 3 billion notes by the Dubai (DIFC) branch — all due in 2028. To mark the milestone, His Excellency Zhang Yiming, Ambassador of China to the UAE, rang the market-opening bell at Nasdaq Dubai, joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), and Liu Hua, General Manager of ICBC Dubai (DIFC). Liu emphasized the significance of the multi-currency, carbon-neutrality-themed bonds as a reflection of ICBC's strategic focus on sustainable development, particularly under the Belt and Road Initiative. With USD 5.6 billion in total outstanding bonds in the UAE, ICBC continues to expand its green finance footprint globally. Hamed Ali noted that the listings highlight Dubai's growing role as a global hub for sustainable finance, adding that Nasdaq Dubai remains committed to supporting responsible investment and innovation in capital markets. With this addition, Nasdaq Dubai's total debt listings have reached USD 136 billion, including USD 29 billion in ESG-related instruments — further cementing its position as a key platform for sustainable investment in the region. News Source: Dubai Media Office
Zawya
12-06-2025
- Business
- Zawya
Nasdaq Dubai welcomes ICBC's multi-currency green bond listings totalling $1.72bln
The listing includes three issuances from ICBC's branches in Dubai (DIFC), Hong Kong and Singapore. With this listing, Nasdaq Dubai's total debt market has reached USD 136 billion, including USD 40 billion in bond listings and a growing share of ESG-related instruments. Dubai: Nasdaq Dubai today welcomed the listing of three Green Bond issuances totaling USD 1.72 billion by Industrial and Commercial Bank of China Limited (ICBC). The bonds were issued under the bank's USD 20 billion Global Medium Term Note Programme by its branches in Dubai (DIFC), Hong Kong, and Singapore. The listings include: ICBC Hong Kong Branch: USD 1,000,000,000 Floating Rate Notes due 2028 ICBC Singapore Branch: USD 300,000,000 4.125% Notes due 2028 ICBC Dubai (DIFC) Branch: CNH 3,000,000,000 2.00% Notes due 2028 These issuances further strengthened ICBC's position as the leading Chinese issuer, as well as the leading RMB denominated bond issuer on the exchange. To commemorate the successful listing, His Excellency Zhang Yiming, Ambassador of the People's Republic of China to the UAE rang the bell at the market-opening ceremony at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) and Liu Hua, General Manager of ICBC Dubai (DIFC) Branch. Liu Hua, General Manager of ICBC Dubai (DIFC) Branch, said "The successful listing of ICBC's multi-currency carbon neutrality-themed green bonds issued by its branches in Dubai (DIFC), Hong Kong, and Singapore on Nasdaq Dubai reflects ICBC's confidence and commitment to the UAE capital market. As a pioneer in green financing, ICBC has significantly contributed to the environmental sustainability by extending green products, particularly within the framework of the Belt and Road Initiative. With a cumulative total of USD 5.6 billion outstanding bonds in the UAE, ICBC reaffirms its strategic foresight and dedication to fostering eco-friendly and sustainable development globally." Hamed Ali, CEO of Nasdaq Dubai and DFM, commented 'We are delighted to welcome ICBC's latest multi-currency Green Bond listings to Nasdaq Dubai, reflecting the strength of our partnership and the growing appeal of Dubai's capital markets among international issuers. These listings underscore Dubai's role as a trusted global hub for sustainable finance and reinforce our commitment to providing a transparent, innovative, and efficient marketplace that supports responsible investment. We look forward to continuing our collaboration with ICBC as they expand their ESG footprint globally.' Following this listing, Nasdaq Dubai's total debt listings have reached USD 136 billion, including USD 40 billion in bonds and USD 17 billion in Green Bonds. The exchange's ESG-related issuance portfolio at USD 29 billion, reaffirms its leadership in advancing sustainable finance across the region and beyond. Nasdaq Dubai continues to cement its position as a global leader in fixed income listings and a central platform for sustainable investment. About ICBC: Industrial and Commercial Bank of China was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. About Nasdaq Dubai: Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS). The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). For further information, please contact: Noora Al Soori Communications and Public Relations Dubai Financial Market E: nalsoori@ Shruti Choudhury Associate Director Edelman Smithfield E: dfmedelmansmithfield@
