Pop Mart

Pop Mart is a designer toy company whose 2020 IPO became one of China's most dramatic public-market debuts: after retail investors bid 356 times the available shares, it opened at a HK$100 billion market cap, a fivefold jump from its $2.5 billion private-market valuation just a year prior . Its early funding rounds were modest and drawn from a loose circle of regional or little-known investors — Black Ant Capital, Sequoia China, Loyal Valley Capital and others among them — rather than the mainstream venture establishment, which largely passed on the deal . The company's breakout came with the character IP Molly and the blind-box sales format, which turned collectible toys into a mass-market phenomenon.