Wang Ning, founder of POP MART, and renowned investor Duan Yongping were seen together again on Thursday at a designer toy exhibition in Singapore, according to social media posts from attendees.
Witnesses said Wang Ning warmly posed for photos with fans at the event, while Duan Yongping waited nearby with a smile. The pair's previous public appearance together was on July 20 at the FIFA World Cup final in North America, where they met and took a commemorative photo.
Duan Yongping also shared another photo on social media showing the two standing in front of a massive LABUBU artwork. Public records confirm that Wang Ning and Duan Yongping are respectively the first and second largest shareholders of POP MART.
On May 25, Duan Yongping acquired 9.82 million ordinary shares of POP MART through his controlled entity H&H International Investment Limited, bringing his combined stake with concert parties to 5.69% and making him the second-largest shareholder after founder Wang Ning, who holds approximately 44.85%.
Just three days later, on May 28, Duan Yongping increased his position again, purchasing 4.66 million shares at an average price of HK$162.50 per share, involving approximately HK$757 million, raising his stake to 6.04%. On July 6, he made a third purchase, acquiring 10.59 million shares at an average price of HK$150 per share for approximately HK$1.589 billion, lifting his stake to 7.65%.
According to a Hong Kong Stock Exchange disclosure on August 12, Duan Yongping's managed entity H&H International Investment, LLC held a 7.70% stake in POP MART's H-shares.
Throughout this year, Duan Yongping has repeatedly expressed optimism about POP MART and its business model. On July 23, when a social media user asked whether he planned to reduce his POP MART holdings to invest elsewhere, he responded: "I've only just started buying POP MART! I estimate there's a high probability I won't sell within 10 years."
Recently, POP MART's popular IP character Xingxingren launched its first vinyl plush series "Animal Farm," which sold out within seconds of going live on official online channels including WeChat Mini Program, Tmall, JD.com, and Douyin. Duan Yongping later replied to netizens on social media: "I couldn't grab one either."
On August 20, POP MART released its 2026 interim results, reporting group revenue of RMB 17.17 billion for the first half, up 23.8% year-over-year. Adjusted net profit reached RMB 5.16 billion, with an adjusted net margin of 30% and gross margin of 69.7%. In the first half, six major IPs exceeded RMB 1 billion in revenue, while 11 IPs surpassed RMB 100 million. THE MONSTERS led with RMB 4.45 billion in revenue, followed by Xingxingren with RMB 2.65 billion, achieving growth of over 580%.