Blind boxes have become popular in China’s toy scene, and Beijing-based toy firm Pop Mart has grown its popularity with them. The idea behind blind boxes is quite simple: customers buy a box without knowing the exact toy that’s inside. Founded in 2010, Pop Mart currently operates more than 100 shops and over 1,000 vending machines across China, as well as online channels.
Pop Mart’s momentum resulted in a successful Hong Kong listing in December 2020, where the company’s shares closed at 80% above its issue price. The company’s founder and CEO, Wang Ning, saw his own wealth nearly triple in 2020.
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