China's business landscape has reached a significant milestone as Wang Ning, the founder of Pop Mart (9992.HK), surpasses Jack Ma in the Forbes Billionaires List for 2025, with a net worth of 27.9 billion compared to Ma′s 27.1 billion. Wang ranks 77th globally, while Ma is in 81st place.
Although Pop Mart's market capitalization of HK$432.696 billion lags behind Alibaba's US$289.783 billion, this shift in ranking reflects a profound transformation in China's business ecosystem—from scale-driven growth to value-driven approaches, from survival consumption to spiritual consumption, and from an internet monopoly to a rise in diverse innovations.
Born in 1987 in a rural area, Wang Ning started by selling blind box toys and has rewritten the narrative of China's wealthy elite with his unique business acumen. His entrepreneurial journey is marked by a grassroots rise, starting from a family-owned grocery store in Xinxiang City, Henan Province, to reselling MV CDs and creative products during his university years, and finally founding Pop Mart in 2010 after multiple transformations.
In 2012, after securing an angel investment of RMB 2 million, Wang astutely recognized the market potential of Japan's trendy toy, Sonny Angel, and decisively focused on the trendy toy sector. By tapping into global niche designers, he created a full industry chain platform that combined collectible toys with the blind box economy, establishing a high-repurchase-rate business model. Pop Mart's IPs, such as LABUBU, have gained worldwide celebrity endorsements, with secondary market prices soaring to 50 times their original value. The cost of an RMB 100 blind box is just RMB 30, resulting in a gross profit margin of 70%, showcasing strong profitability.
In the first half of this year, Pop Mart's net profit reached RMB 4.574 billion, nearly a fivefold increase year-on-year, and Wang stated that the annual revenue would easily surpass RMB 30 billion.
Since the beginning of this year, Pop Mart's stock price has surged from HK$88 per share to HK$330, representing a 270% increase.
Pop Mart is accelerating its global expansion, with over 140 overseas stores across more than 30 countries and regions. This success stems from a precise understanding of Generation Z's consumption psychology, fulfilling young people's pursuit of emotional value and personalized experiences through trendy products, thereby constructing cultural symbols with social attributes.
Wang Ning's surpassing of Jack Ma also symbolizes a deep transformation in China's consumer market. The younger generation is no longer satisfied with basic material needs; they seek aesthetic experiences and spiritual fulfillment.
The Economist reports that China's business society is transitioning from being the world's factory to becoming a cultural exporter. The proportion of entrepreneurs born after the 1980s and 1990s on the Forbes wealth list is increasing, indicating that business competition will increasingly rely on continuous innovation and model evolution.
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