Investors cheered Hong Kong-listed toymaker Pop Mart International Group’s moves to revamp its management and accelerate overseas expansion, even as US tariffs and geopolitical tensions cloud the prospects of Chinese companies looking to go global.
The Beijing-based company’s shares rose as much as 4.1 per cent to HK$165.60 on Tuesday morning, adding to the 6.4 per cent gain a day earlier after Wang Ning, CEO and group chairman, said in a memo to employees that the company would set up regional headquarters in Greater China, the Americas, Asia-Pacific and Europe as part of its bid to become an international company.
Meanwhile, Justin Moon, a former senior vice-president, will join Sid Si as co-chief operating officer, according to an organisational chart seen by the Post. Moon will spearhead efforts in Asia-Pacific and Europe, while Si will oversee markets in Greater China and the Americas.
“We hope this structural upgrade will serve as a starting point to drive the growth of our organisation, as we work together to strive upwards and look outwards, transforming Pop Mart into a truly global enterprise,” Wang said in his memo on Monday, adding that overseas revenue now accounts for nearly 40 per cent of the total.
02:08
Labubu creator Kasing Lung shares the vision behind his unique plush toys
Labubu creator Kasing Lung shares the vision behind his unique plush toys
Pop Mart’s shares have risen 75 per cent year to date, following a 370 per cent surge last year.
