In China, the entrepreneur behind the Doll Network, Laboubu, has surpassed the wealth of the founder of AliExpress.

In a remarkable turn of events, Ning Nong, the chairman and CEO of Pop Mart, has surpassed Alibaba co-founder Jack Ma in wealth, according to Forbes journalist Mikhail Svetlov's recent report. This achievement comes as Pop Mart's market capitalization reaches an impressive $56 billion.

The growth of Pop Mart has been nothing short of phenomenal. In the first half of this year, the company reported a 204.4% year-on-year increase in sales, totalling 13.9 billion yuan ($1.94 billion). This surge was further fueled by the global frenzy around Labubu dolls, with sales in North America increasing over 1000% year-on-year to 2.3 billion yuan ($321 million).

The new Labubu doll lineup, released on August 28, was priced at 79 yuan ($11) each. These dolls sold out within minutes on online platforms, including Pop Mart's stores on WeChat and Tmall in China. Two special editions of the new Labubu dolls were particularly hard to find.

Ning Nong, the founder of Pop Mart International Group, is now ranked 8th in China in terms of wealth, with an estimated net worth of $27.5 billion. As the youngest among the top 10 wealthiest billionaires in China, Ning Nong's journey to the top has been nothing short of inspiring.

Pop Mart's success is not limited to financial gains. The company, under Ning Nong's leadership, serves as the chairman and CEO of Pop Mart. This dynamic duo has led the company to a net profit attributable to shareholders that grew 397% to 4.6 billion yuan ($643 million) compared to the same period last year.

As Pop Mart's shares listed on the Hong Kong Stock Exchange surge over 250% this year, it is clear that Ning Nong and Pop Mart are here to stay, continuing to captivate audiences worldwide with their innovative products and business strategies.

In China, the entrepreneur behind the Doll Network, Laboubu, has surpassed the wealth of the founder of AliExpress.