SCMP Economy7h agoBusiness1 min readChina

China's Warren Buffett Boosts Pop Mart Stake Amid Mixed Reception for New Series

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Billionaire investor Duan Yongping increased his stake in toy brand Pop Mart to 7.65% for the third time.
This move comes despite a lukewarm reception for the new Labubu Hair Salon series, raising questions about the sustainability of demand for the company's IP.

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Billionaire investor Duan Yongping has increased his stake in Pop Mart for the third time, showing a long-term bullish view on the toy brand. This occurs as some question the demand for the company's intellectual property.

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China’s answer to Warren Buffett now owns a 7.65 per cent stake in the toy brand, despite a lukewarm reception for the new Labubu Hair Salon series

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Zhu Wenqianin Beijing

Published: 3:06pm, 13 Jul 2026

Chinese-American billionaire investor Duan Yongping has increased his holdings in Pop Mart for a third time, reinforcing his long-term bullish view on the toy brand, as some questioned the sustainability of demand for the company’s intellectual property (IP) portfolio led by the blockbuster Labubu doll.

Duan, 65, dubbed “China’s Warren Buffett” by some investors for his investment acumen, increased his stake in the Hong Kong-listed Pop Mart on July 6 through his wholly owned company H&H International Investment.

A Hong Kong Exchanges and Clearing filing released on Friday showed his stake rose from 6.85 per cent to 7.65 per cent, equivalent to 102 million shares.

Duan’s latest top-up came amid softer-than-expected market reception for the brand’s new Labubu Hair Salon series launch in late June. Unlike previous market frenzies, multiple variants of this new release traded below official retail prices right after launch, a rarity in the designer toy market.

Institutions hold divergent outlooks on Pop Mart’s growth prospects.

Despite strong pre-launch expectations supported by Fifa World Cup-related exposure and an endorsement from K-pop star Lisa of Blackpink, the boost in sales was much weaker than expected.