Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

Market News

Listings (IPO)

Earnings Reports

Venture Roundup

Big Tech

Automotives

Retail and Commerce

Collections

News

Features

Insights

Press Releases

Anta

DeepSeek

Geely

Li Auto

Mixue Bingcheng

Pop Mart

Going Global

Latest

Collaborate

Earnings

Auto

Retail & Commerce

… introduced Kling AI, AIsphere released PixVerse V2, which it described as the first DiT-based video model from a Chinese startup ready for practical use.
Wang argues that video generation is not simply about using <a href="/industry/ai">artificial intelligence</a> to replace existing content on platforms like TikTok. Instead, it enables new forms of interaction:
<blockquote>“Once video can be generated in or close to real time, users will be able to modify and create content as they watch. That shift in interaction will give rise to a new wave of mass market products, just as the short video format gave rise to <a href="/company/tiktok">TikTok</a>.”</blockquote>
The competitive landscape is expanding. Liu Yu, formerly head of <a href="/company/sensetime">SenseTime’s</a> Miaohua, founded Vivix Group, whose product TipTap focuses on AI-generated pornography. Cao Yue, former co-founder of Moonshot AI, launched Sand AI, which uses an autoregressive approach instead of DiT to create infinitely extendable video.
AIsphere has concentrated on the consumer market, targeting users without production expertise. Wang likens PixVerse to Canva, offering simple tools for mass adoption, while other platforms resemble Photoshop or Figma, catering to professionals.
Templates have helped drive viral engagement since late 2024, but Wang said they are part of a broader effort to lower creative barriers. User-generated templates now constitute a core part of PixVerse’s ecosystem. On its domestic platform, a user-created “closet transformation” template has already drawn more than one million views.
For AIsphere, the most important measures are user growth, retention, and community engagement, especially the scale of user-generated content.
Consolidation may be close. A 2025 report from Bessemer Venture Partners projected that the video generation market is likely to narrow within a year, mirroring the trajectory of large language model development. Wang believes the companies that endure will be those that can cover costs while steadily expanding their user base.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3459728637302151">article</a> was written by Zhou Xinyu for 36Kr.

AIsphere touts PixVerse as the “Canva for video generation,” and lands the funding to prove it

Artificial Intelligence

Deep Tech

Video

Creative

Creator Economy

China

… written by Fan Shuqi for 36Kr.

Huawei’s HIMA plans 17 car launches to secure position in premium car market

East Asia

Transportation

Electric Vehicles

Mobility

… innovation.
<h3>Disrupting a crowded market</h3>
According to All View Cloud (AVC), the market for cleaning appliances such as floor washers and robot vacuums has been expanding rapidly. Cumulative sales reached RMB 22.4 billion (USD 3.1 billion), up 30% year-on-year (YoY), with unit sales of 16.55 million, an increase of 22.1%.
Growing sales have attracted more entrants. On August 6, 2025, DJI released its Romo robot vacuum, marking its crossover into smart home cleaning and further intensifying competition.
Yet profit growth has not kept pace with sales. In 2024, Ecovacs Robotics reported net profit of RMB 806 million (USD 112.8 million), less than half its 2021 peak. Roborock’s 2024 revenue rose 38% YoY, but its net profit slipped 3.6%. Both companies attributed pressure on earnings to price wars and heightened competition.
Some in the industry see AI as a potential way out of this cycle. Earlier this year, Roborock introduced what it described as the world’s first mass-produced bionic hand vacuum cleaner, which can sweep floors while also picking up small items. AI enables the device to recognize objects and calculate the best way to grasp them, improving collection accuracy.
Dreame’s floor washers follow a similar principle, identifying stains with AI and adapting cleaning modes on the fly.
Whether it is a vacuum that automatically lends a hand when it senses dirt or a hair dryer that adjusts heat based on hair condition, today’s AI appliances are not trying to mimic humanoid robots. Instead, they apply embodied intelligence in targeted ways to solve specific household tasks.
This could mark a transitional stage for embodied intelligence, offering a practical route for deployment in everyday life.
Wang believes advances in smart technology will expand opportunities for floor washers. “With embodied intelligence and robotic arms, floor washers now have eyes, a brain, and hands. In the future, consumers may only need to push the machine casually around their homes, while it autonomously adjusts to different scenarios and completes the job,” he said.
Beyond its latest launches, Dreame plans to release smart glasses in the first quarter of 2026, along with companion robots, though details have not yet been confirmed.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3459028507235720">article</a> was written by Fu Chong for 36Kr.

Dreame’s new floor washers show embodied intelligence entering homes first through appliances

Dreame

Retail

Consumer Economy

Embodied Intelligence

… company secured CE certification in the European Union, trained Spanish workshop managers, and facilitated collaboration between Chinese and European teams before shipping equipment overseas. Because more than 70% of the Spanish plant’s employees are required to be disabled, Botree also became a shareholder to support operations.
In January, Botree, Once subsidiary Ilunion, and EFT-System established a joint venture to build a plant in Spain capable of processing 6,000 tons of LFP batteries annually. The EUR 10 million (USD 11.7 million) project will support local recycling and create a closed loop for LFP in Europe.
Partnering with local firms also allows Botree to access subsidies. “If a Chinese company goes abroad on its own, in an unfamiliar environment, with no clear policies and no financial support, setting up a plant is extremely difficult,” Lin said.
In June, 36Kr reported that Botree raised more than RMB 100 million (USD 14 million) in a <a href="https://kr-asia.com/chinas-botree-raises-more-funding-to-expand-its-battery-recycling-footprint">Series B funding round</a>. The funds will support its overseas projects and R&amp;D.
The company is active in more than ten countries across the Asia Pacific, Europe, North America, and the Middle East. It serves major energy firms and leading battery players with consulting, technical services, equipment, and engineering projects, and has reportedly executed more than 60 projects to date.
Europe remains Botree’s priority. It is the largest export destination for Chinese EVs and batteries and the world’s second largest recycling market after China. While macro policies have slowed progress in North America and project cycles can be lengthy elsewhere, Lin said the company will continue to expand selectively, guided by a simple logic:
<blockquote>“Where batteries are installed, that’s where they’ll eventually be retired.”</blockquote>
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3449447525406339">article</a> was written by Feng Yaling and Yang Yuexin for 36Kr.

As Europe tightens recycling rules, China’s Botree finds foothold with service-led model

Sustainability

On September 8, Semiconductor Manufacturing International Corporation (SMIC) said it would resume trading after a six-day suspension and announced plans to acquire Semiconductor Manufacturing North China (SMNC).
The next day, SMIC’s A-shares fell 10.26%, while its Hong Kong-listed shares gained 0.17% after climbing as much as 4% intraday. Why did investors in the two markets react so differently to the same deal?
SMIC already owned 51% of SMNC and consolidated it as a subsidiary. In practice, 51% of the unit’s net profit was already attributed to SMIC shareholders. With the new deal, SMIC aims to acquire the remaining 49%, allowing all of its profit to accrue to shareholders.
That 49% stake was held by five state-backed entities: China Integrated Circuit Industry Investment Fund (32%), Wuxi Zhixin Integrated Circuit Investment Center (9%), E-Town Capital (5.75%), Zhongguancun Development Group (1.125%), and Beijing Industrial Investment (1.125%). Once the deal closes, these entities will no longer hold shares in SMNC.
However, this does not mean they are exiting entirely. SMIC structured the deal as a share swap, issuing new shares to acquire the five state investors’ stakes. As a result, the entities will become SMIC shareholders, with a 12-month lock-up period.
The preliminary plan also disclosed financial data for SMNC. In 2024, it generated RMB 12.98 billion (USD 1.8 billion) in revenue and RMB 1.68 billion (USD 235.2 million) in net profit. Operating cash flow reached RMB 6.34 billion (USD 887.6 million), with a debt ratio of 8%.
SMIC did not disclose the total transaction value, which is calculated as the number of new shares issued multiplied by the issue price. It did reveal the issue price: RMB 74.2 (USD 10.4) per share, or 80% of the average A-share price over the 120 trading days before pricing. That was nearly 35% lower than SMIC’s pre-suspension closing price of RMB 114.76 (USD 16.1). Since the total deal value remains uncertain, the acquisition’s price-to-earnings ratio cannot yet be determined.
In general, issuing new shares when stock prices are high is often viewed negatively for three reasons: it can signal overvaluation, dilute earnings per share (EPS), and create pressure because of the discounted price. For SMIC, however, the new shares are being used to acquire minority stakes in an existing subsidiary, not to raise cash. This reduces concerns about cashing out. Instead, investor focus has shifted to EPS dilution and the steep discount.
From a signaling perspective, the willingness of state-backed investors such as the Big Fund to accept shares at RMB 74.2 suggests they see that level as reasonable. For A-share investors, however, the price was far below the pre-suspension trading level, fueling concern. For Hong Kong investors, SMIC’s stock was at just HKD 58.15 (USD 7.5) on September 8, below the A-share issue price. To them, the deal implied potential EPS upside and was therefore viewed more positively.
Ignoring share-weighting effects, EPS after the deal can be approximated as post-acquisition net profit divided by the total of new and existing shares. Since the number of new shares is calculated as transaction value divided by issue price, a lower deal value and a higher issue price both reduce dilution and may even boost EPS.
For A-share investors, the RMB 74.2 issue price was far below the RMB 114.76 pre-suspension close, which raised concerns despite the absence of deal value disclosure. For Hong Kong investors, however, that same RMB 74.2 translated into a premium over the local market price, making the deal look accretive.
Still, with only the issue price disclosed, it is too early to say definitively whether EPS will be diluted or enhanced. A simple calculation shows that for EPS to remain unchanged in 2024, SMIC would need to issue about 1.78 billion new shares at RMB 74.2, valuing the transaction at RMB 132 billion (USD 18.5 billion). This would imply a valuation of nearly RMB 270 billion (USD 37.8 billion) for SMNC, or a static price-to-earnings ratio of around 160.
Given that SMNC is a mature chip foundry with steady cash flows and limited recent capital expenditure, such a high valuation seems unlikely. The final acquisition price is likely to be lower, which would make the deal EPS-accretive. If the transaction value comes in well below the upper estimate, the acquisition could shift from being seen as a risk to being viewed as a clear positive for SMIC shareholders.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3464756066719111">article</a> was written by Fan Liang for 36Kr.

SMIC’s buyout of Beijing unit sparks selloff in Shanghai, but Hong Kong investors shrug it off

Semiconductors

On September 8, <a href="/company/baidu">Baidu</a> announced plans to issue RMB-denominated senior unsecured notes through an offshore offering outside the US. Proceeds will go toward general corporate purposes, including debt repayment, interest payments, and other funding needs.
Investors responded positively. Baidu’s Hong Kong-listed shares climbed as much as 12.7% during the day before closing 9.5% higher.
The company’s second-quarter 2025 report showed USD 4.1 billion in cash reserves. On its earnings call, management said that as of June, it held USD 32 billion in cash and equivalents, with net cash of USD 21.7 billion, underscoring its ample reserves.
Short-term borrowings rose sharply in the interim results, reaching USD 3.3 billion from USD 1.47 billion in the first quarter, the highest level since 2017. The increase suggests Baidu is seeking to optimize its debt structure.
At the same time, Baidu is expanding investments in <a href="/industry/ai">artificial intelligence</a> infrastructure, including cloud services, data centers, and large models. Capital expenditures rose to USD 3.8 billion in the second quarter, up from USD 2.1 billion a year earlier, an increase of more than 80%. Such investments require substantial reserves to sustain momentum.
China’s current low interest rates work in Baidu’s favor. The company priced its 1.9% senior unsecured notes due 2029 at a level that will reduce its interest burden.
In 2024, Baidu’s interest expense totaled USD 397 million, with average interest-bearing debt of USD 9.39 billion. That implied an effective interest rate of 4.2%, far higher than the coupon rate on the new notes.
Baidu began restructuring its debt earlier this year. In March, it issued its first dim sum bonds, raising RMB 10 billion (USD 1.4 billion) with coupon rates of 2.7% for the five-year tranche and 3% for the ten-year tranche. By issuing medium- and long-term bonds during a low-rate cycle, the company has locked in cheaper funding and lowered financing costs.
Global peers have employed similar strategies. Apple, for instance, capitalized on low interest rates in 2015–2017 and again during the pandemic in 2020–2021 to issue long-term bonds, securing inexpensive capital and improving financial efficiency.
Meanwhile, Baidu’s core search business is being reshaped by AI, bringing both challenges and opportunities. By July, AI-generated content accounted for 64% of mobile search results, up from 35% in April. On the Baidu app, more than 60% of results now feature rich media at the top of the page. But AI search introduces new monetization hurdles compared with traditional web search, since single-text outputs limit ad placement opportunities.
Even so, Baidu has shown willingness to adapt. The latest bond issuance strengthens its ability to fund long-term AI investments.
From a capital markets perspective, Baidu can be compared with its global peers across three areas: <a href="/industry/e-commerce">e-commerce</a>, social media, and search. While <a href="/company/alibaba">Alibaba</a> dominates in e-commerce data and <a href="/company/tencent">Tencent</a> in social platforms, Baidu’s extensive search data may offer an underappreciated advantage. The question is whether the company, long underestimated, can leverage this to catch up—or even move ahead—in the AI era.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3464461935203715">article</a> was written by 36Kr Caijing.

Baidu raises offshore debt at record-low rates to bankroll its AI ambitions

Baidu

… inspired by Indonesian mythological figure Nyi Roro Kidul. These characters have resonated with regional gamers, fostering engagement and a deeper sense of connection with the game.
Such strategies also reflect a broader industry trend toward embedding local culture and preferences into esports, aligning market practices with regional realities to strengthen connections and sustain growth across the region.
<h3>Designing for mobile-first consumption habits</h3>
Beyond country-specific strategies, companies should also cater to SEA’s mobile-first audience. With nearly 55% of gaming hours spent on mobile devices, the region’s reliance on mobile strongly influences how esports content is accessed and monetized.
According to <a href="https://www.deloitte.com/southeast-asia/en/services/sports-business-group/perspectives/the-southeast-asian-esports-market-lets-play-2024.html">Deloitte</a>, while YouTube was found to be the most popular platform for esports both globally and in SEA, Twitch—which ranks second worldwide—is among the least popular in the region.  This highlights the need for content and platform strategies tailored to SEA’s unique consumption habits.
The rise of these channels presents opportunities for local platforms, advertisers, and tech ventures to optimize for regional conditions through multi-language features, culturally informed user experience (UX) strategies, mobile-first design, and more.
MLBB illustrates this approach. Rather than relying on translation alone, MLBB incorporates region-specific heroes, maps, and narratives that resonate with local cultures, such as Muay Thai fighters in Thailand, Cebuano mythological goddesses in the Philippines, and Borobudur-themed environments in Indonesia. These localized elements give players a stronger sense of identity and emotional connection, fuelling retention and engagement.
Moonton, the developer of MLBB, set up local teams and feedback pipelines in Indonesia and Singapore to collect market insights and refine the game’s UX. The game was optimized for Android devices, which are used by the vast majority of the player base in SEA, and integrated vernacular languages and slang into its interface. Community engagement was further amplified through prominent regional streamers and esports figures.
MLBB also introduced festival-themed in-game events and skins tied to special occasions such as Ramadan, Songkran, and Holy Week. The game respected religious norms. For example, it used softer color palettes and less violent imagery during fasting hours, while aligning content releases with local rhythms of play. These culturally attuned strategies have allowed MLBB to sustain its dominance in SEA’s mobile esports market.
<h3>Esports as digital economy infrastructure</h3>
Beyond entertainment, esports are becoming a gateway to digital literacy, content fluency, and youth employability. Markets such as Malaysia and Thailand have recognized their role in building talent ecosystems, ranging from creators to platform specialists. This makes esports a compelling domain for edtech ventures, creator platforms, and skills training companies looking to anchor themselves in SEA’s digital economy.
Startups and corporates can also leverage esports to drive youth engagement, accelerate tech adoption, and build regional relevance. In Thailand, for instance, esports were officially recognized as a professional sport in 2021. The Sports Authority of Thailand now funds programs and develops curricula through bodies like the Thailand E-Sports Federation, supporting esports as both a career pathway and a formal talent pipeline.
<h3>Conclusion</h3>
Realizing the full potential of esports requires collaboration across the ecosystem, from developers and platforms to league organizers, corporates, and local innovators. With SEA’s high level of digital engagement, diverse markets, and strong appetite for immersive experiences, esports offer compelling opportunities for business, investment, and innovation.
For startups, venture capital firms, and corporates, the imperative is to view esports not as a passing cultural trend, but as a sustainable growth engine that’s driven by inclusion, localization, and long-term value.
About the authors: This article was co-authored by James Walton, sports business group leader at Deloitte Asia Pacific, and Lim Jia Yean, sports business group manager at Deloitte Southeast Asia. Walton has more than 26 years of professional experience with Deloitte and currently oversees the firm’s services for sports and leisure clients, while also serving on various boards and committees in Singapore. Lim, as part of Deloitte SEA, advises sports associations on strategy, branding, and development, with a focus on bridging sports, business, and innovation.

Leveling up Southeast Asia’s esports economy through localization, inclusion, and innovation

Gaming

Singapore

Malaysia

Myanmar

Thailand

Vietnam

Cambodia

Indonesia

Philippines

Southeast Asia

Ecosystem

On September 9, <a href="/company/byd">BYD’s</a> Fangchengbao brand launched its new five-seat SUV, the Tai 7, priced at RMB 179,800–219,800 (USD 25,172–30,772).
The Tai 7 has a boxy profile but is designed with families in mind. At 1,995 millimeters in height, it accommodates passengers up to 1.9 meters tall without stooping, while children have ample room to move inside. The vehicle measures nearly five meters in length, with 3.3 meters of usable cabin space. In its standard five-seat configuration, the rear compartment offers close to 1,000 liters of storage. Folding down the second row expands capacity to more than 1,880 liters, enough to fit a mattress and convert the interior into what the company describes as a “bedroom on wheels.”
The cabin includes what Fangchengbao calls the “golden trio” of family-focused new energy vehicle features: a temperature-controlled refrigerator adjustable between -6 and 50 degrees Celsius, full leather seating, and seven screens, including the instrument cluster and center console.
Despite its rugged exterior, the SUV emphasizes interior comfort and personalization. Fangchengbao’s stated aim is to create a mobile living space that blends technology with family needs.
<figure id="attachment_157336" aria-describedby="caption-attachment-157336" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-157336" src="https://console.kr-asia.com/wp-content/uploads/2025/09/Fangchengbao-Tai-7-Interior.jpg" alt="Image shows how passengers fit inside Fangchengbao’s Tai 7." width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/Fangchengbao-Tai-7-Interior.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/09/Fangchengbao-Tai-7-Interior-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/Fangchengbao-Tai-7-Interior-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Fangchengbao-Tai-7-Interior-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Fangchengbao-Tai-7-Interior-480x270.jpg 480w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-157336" class="wp-caption-text">Image shows how passengers fit inside Fangchengbao’s Tai 7. Image and header image source: Fangchengbao.</figcaption></figure>
After the launch, Fangchengbao general manager Xiong Tianbo and research institute director Li Yue spoke with reporters, including 36Kr. Xiong said the family car segment remains the mainstream of the market, with high demand but few products that pair rugged styling with home-friendly features. “The Tai 7 is the first of its kind, offering a vehicle that balances family needs with individual expression while maintaining mainstream appeal with personal character. It’s aimed squarely at trend-conscious households,” Xiong said.
Fangchengbao currently sells three models, with monthly sales over the past quarter steady at 15,000–18,000 units. Xiong said the target for the Tai 7 is to lift monthly sales to “at least 20,000, and ideally 30,000.” He noted that demand has been strongest for the 190-kilometer-range four-wheel-drive Ultra edition, which dealers have already started delivering.
Unlike the Bao 5, Bao 8, and Tai 3, the Tai 7 is Fangchengbao’s first family-oriented SUV. The launch comes as competition in the new energy SUV segment intensifies, with six-seat models gaining traction. Asked whether Fangchengbao would release a six-seat version of the Tai 7, Xiong said the size makes it feasible but emphasized that the company prioritizes precision over variety. “The crux of a five-seat SUV lies in its comfort for frequent family use and its superior cargo capacity compared to six- or seven-seat models,” she said.
The Tai 7 is positioned for young, style-conscious families, with design features aligned to their preferences. Looking ahead, Xiong said Fangchengbao plans to roll out six- and seven-seat versions of other models to address diverse consumer groups. She also revealed that while the brand began with offroad vehicles, it does not intend to stop there. Next year, Fangchengbao will launch its first sedan series.
The Tai 7 marks a shift in strategy for Fangchengbao. Having built its image around the rugged Bao 5 and Bao 8, the brand is now turning to urban family SUVs to expand sales and strengthen its market position. Competition remains fierce, however. The Tai 7 will face the Li L6, Aito M7, hybrid offerings from <a href="/company/great-wall-motor">Great Wall Motor</a> and <a href="/company/geely">Geely</a>, as well as established gasoline-powered SUVs from joint venture brands.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3462102214153859">article</a> was written by Xu Caiyu for 36Kr.

BYD’s Fangchengbao steers from offroad to family SUVs with Tai 7 launch

Fangchengbao

At <a href="/company/pop-mart">Pop Mart’s</a> 2025 interim results briefing, chairman Wang Ning pulled a mini Labubu from his jacket pocket. The crowd cheered, as his gesture reinforced the brand’s image. Soon after, mini Labubus went viral online.
What surprised many was that despite its popularity, Labubu—along with several of Pop Mart’s bestsellers—saw prices plunge on the secondary market. On social media, consumers welcomed the drop, while scalpers and toy investors reported losses.
Data from <a href="/industry/e-commerce">e-commerce</a> app Dewu shows that over the past 90 days, the average transaction price of third-generation Labubu collectibles has steadily fallen. As of publication, both sealed boxes and full collections were down about 80% from their peak.
The anxiety spread into the capital markets. Pop Mart’s share price has retreated over the past two weeks, closing at HKD 273.4 (USD 35.1) on September 11, more than 19.5% below its August 26 peak of HKD 339.8 (USD 43.7).
Some analysts argue that Labubu’s decline in the secondary market has dampened investor sentiment. Still, many institutions maintain a “buy” rating on Pop Mart. Zhongtai Securities noted that Pop Mart’s leading IPs continue to gain momentum and that overseas expansion remains broad. Morgan Stanley added that the price swings are driven more by technical and sentiment factors than by weakening fundamentals.
The Hang Seng Index’s latest reshuffle, effective September 8, included Pop Mart as a new constituent stock, which could face short-term sell-off pressure. Morgan Stanley also pointed out that the secondary market represents only a small fraction of total supply and demand, especially as Pop Mart increases production and curbs scalper speculation. Viewed alone, this metric could mislead.
In other words, the price drop and share adjustment may reflect the company’s own strategy. Wang may have deliberately punctured the get-rich-quick narrative that once defined the resale market.
<h3>Cutting out the middleman</h3>
Pop Mart has long emphasized its reliance on strong IPs. At its 2024 earnings briefing, executives stated clearly that the company intends to sell products, not “financial products.” This year, it has moved to put that philosophy into practice.
In August, Yuan Junjie, president of Pop Mart’s supply chain center, said the company had increased plush toy production capacity more than tenfold from last year, reaching about 30 million units that month.
The impact was visible in new launches. According to ACGx, about 710,000 units of the mini Labubu were sold across platforms within 30 minutes of release, with all units available as ready stock. By contrast, the Labubu 3.0 “Big Into Energy” series was rolled out in eight presale batches, selling more than 700,000 units on Tmall alone. On July 10, Pop Mart conducted another large-scale restock.
These bulk releases squeezed out speculative bubbles. Scalpers, whose hoarding strategies no longer worked, began panic selling.
Still, Pop Mart’s early reliance on blind boxes with slim odds of drawing hidden figures created a complicated relationship with scalpers. For years, scarcity and high resale markups fueled consumer demand. But once an IP gains mass popularity, excessive hoarding can harm both growth and reputation.
Because Pop Mart sells directly to consumers, scalpers can intercept real demand at the source, distorting inventory flow and sentiment. To counter this, the company has sought to limit speculation and reduce the investment appeal of blind boxes.
Ideally, Pop Mart wants consumers to buy regular figures on the secondary market at or near retail prices, while hidden editions reflect genuine supply and demand. In doing so, it could regain pricing power, safeguard consumer rights, and preserve IP reputation, while leaving some margin for traders. For everyday consumers, that would reduce inflated premiums and soften criticism that the company tolerates scalping.
This balance may allow Pop Mart to reach more consumers through resale without undermining its core market.
<h3>Testing Labubu’s longevity</h3>
Labubu’s global rise was unexpected. For years after Pop Mart signed Hong Kong artist Kasing Lung, the character remained niche. That changed in June 2024, when Blackpink member and Thai pop star Lisa promoted Labubu on social media. Pop Mart capitalized by accelerating overseas store openings and expanding the character’s image abroad.
According to 36Kr, Pop Mart has since launched Labubu collaborations with Vans, Uniqlo, and Godiva, though only the Uniqlo partnership gained wide traction. As Wang has suggested, Labubu’s commercial potential is just beginning to unfold.
This mirrors earlier concerns in Pop Mart’s history. At one time, investors feared it was too reliant on the Molly IP for revenue. Now, even with Molly and other IPs growing rapidly, Labubu’s dominance creates a similar risk.
whereRelatedArticle
In the first half of 2025, The Monsters, a series that includes Labubu, generated RMB 4.81 billion (USD 673.4 million), nearly one-third of total revenue. Molly brought in RMB 1.36 billion (USD 190.4 million), up 73.5% year-on-year. Skullpanda earned RMB 1.22 billion (USD 170.8 million), up 112.4%. Crybaby also took in RMB 1.22 billion (USD 170.8 million), up 248.7%. Dimoo followed with RMB 1.11 billion (USD 155.4 million), up 192.5%.
13 other IPs—including Hirono, Twinkle Twinkle, Pucky, and Hacipupu—each earned more than RMB 100 million (USD 14 million).
But as Pop Mart scales up production and reduces scarcity, secondary market prices have declined across premium IPs. On Dewu, Twinkle Twinkle’s “Sweet Dreams Forecast” series has fallen 35% from its peak for unopened boxes, while its hidden edition “Lucky Strike” is down 42%. Molly’s “Pocket Friends” series has dropped 51% for unopened boxes, and its hidden figure “Don’t Mess With Me” has plunged 69%.
In the short term, these trends weigh on Pop Mart’s stock. But over time, stabilizing resale premiums could boost consumer confidence. Persistently high secondary prices risk alienating genuine fans.
In June, Pop Mart announced plans for an animated series, Labubu and Friends. Wang told 36Kr that once an IP takes off, it can sustain a long lifecycle.
The real test ahead is whether Labubu can sustain its momentum, and carry Pop Mart through to its next breakout IP.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3462066122954374">article</a> was written by Xie Yunzi for 36Kr.

Pop Mart pricks Labubu’s resale bubble in bid to outlast the hype