On December 11, 2020, POP MART International Group Limited was officially listed on the Hong Kong Stock Exchange (stock code: 9992.HK).
By the end of 2024, POP MART had grown into an international IP operation group with more than 6,700 employees worldwide, over 530 stores across nearly 100 countries and regions, and annual revenue exceeding RMB 10 billion.
In late 2017, BA Capital made its first investment in POP MART, followed by three consecutive rounds from 2018 to 2020—a total of four rounds in all.
From 2017 to 2025, the value of investing in POP MART lies not only in financial returns but also in participating in an exhilarating journey of creation. The BA Capital team grew alongside the company—supporting improvements in operational efficiency from 2019 to 2020, fostering new business development from 2021 to 2022, and contributing to the enhancement of product management capabilities from 2023 to the present. This journey reflects the BA Capital team’s companionship and support for the company, as well as a path of mutual inspiration and co-creation.
David He, Managing Partner of BA Capital, first met Wang Ning, Founder of POP MART, in 2016. He recalls that even then, Wang had a clear vision for transforming the company’s business model and dared to propose counterintuitive ideas—for example, that IP creation does not necessarily depend on content and that IPs possess a strong innate appeal. POP MART’s long-term goal was to build a platform covering the entire IP industry chain. “He understood the decisive factors from the very beginning and began laying the groundwork accordingly.”
Starting in 2017, POP MART continuously expanded upstream in the designer toy industry. By developing its own IPs and collaborating with artists and IP providers, the company unearthed a wealth of creative resources. At the same time, it efficiently expanded its online and offline channels, hosted large-scale international designer toy exhibitions, and refined its retail network. Focusing on four key areas—artist discovery, IP incubation and operation, consumer engagement, and the promotion of designer toy culture—POP MART gradually evolved into a comprehensive platform covering the entire industry value chain.
Alongside POP MART’s transformation and growth, BA Capital conducted a series of studies on major global benchmark companies, including Disney, LEGO, and Bandai Namco. These studies not only helped the BA Capital team recognize POP MART’s advantages and potential early on but also provided valuable insights to support the company’s ongoing growth and iteration.
“History does not repeat itself, but each era gives rise to its own great companies. The key is to distill first principles from the social context of the time—this is what matters most in investing,” said David He. He noted that while POP MART shares many similarities with Disney and Bandai, its business model is original and lacks a direct counterpart overseas.
David He emphasized that BA Capital defines POP MART as a full-industry-chain IP company rather than a “blind box” company. Its vibrant ecosystem and integrated value chain create exceptionally high competitive barriers. Only an effective two-sided platform can deliver value to both consumers and designers. As history shows, effective two-sided platforms are rare, but once established, they are highly defensible.
Today’s younger consumers are increasingly drawn to things that make them feel connected and emotionally fulfilled. They are willing to spend on products that bring joy and foster attachment. POP MART has captured this trend precisely. With talented designers, the company creates characters that evoke emotional resonance, while its commercial team keeps these characters relevant through new experiences and interactions.
BA Capital has always believed that POP MART’s success is rooted in its care for people—internally for its team and externally for consumers worldwide. POP MART’s emphasis on people has long gone beyond organizational management, evolving into a distinctive business methodology: turning users’ emotional needs into replicable commercial value and translating the team’s shared culture into iterative systemic capabilities.
Achieving RMB 10 billion in revenue marks a significant milestone for Chinese consumer brands. Now that POP MART has reached this point, it reinforces our belief that many things are possible—including “building a global POP MART.” This success strengthens our conviction in the potential of Chinese consumer enterprises to achieve global impact and remain resilient across cycles.
