Pop Mart

Pop Mart is a Chinese designer-toy and blind-box retailer founded by Wang Ning, whose 2020 Hong Kong IPO became one of the year's most dramatic listings. As 暗涌Waves described it, Wang Ning spent years as an "outsider" to mainstream venture capital — the company raised no more than 30 million yuan in any single round before 2017, often from little-known regional investors — yet the stock opened at a 100 billion HKD market cap, a fivefold jump from its last private valuation just a year earlier . The company's growth engine centered on two "flywheels": the IP character Molly and the blind-box format, which turned collectible toys into a repeat-purchase retail phenomenon . By the time of its IPO, the offering was oversubscribed more than 356 times, in what one key investor called "a collective miss" by China's major funds .elsewhere's corpus does not cover Pop Mart's operations or performance since mid-2025.