Shares in Chinese toy giant Pop Mart jumped nearly 12% on Wednesday after CEO Wang Ning revealed the company would launch miniature versions of its smash-hit Labubu dolls as early as this week.

The mini Labubus, designed to hang from phones and bags, are expected to spark another buying frenzy. Previous releases have sold out in minutes, crashing Pop Mart’s website and fuelling a lucrative resale market where rare editions fetch thousands online.

The Hong Kong–listed stock soared 11.9% to HK$40.75 (A$8.12), its highest level since Pop Mart went public in 2020. The rally adds to a remarkable year for the company, with shares already up more than 200% in 2025.

The Labubu craze has become a global pop culture phenomenon, helped by Pop Mart’s “blind box” model that keeps buyers guessing on colours and designs.

Celebrities including Rihanna, David Beckham and K-pop star Lisa have been spotted dangling the quirky elf-like dolls from designer bags, further fuelling demand.

As ChannelNews reported earlier this week, Pop Mart’s half-year profit soared 397% to 4.57 billion yuan (A$960m), while revenue more than tripled to 13.88 billion yuan (A$2.9bn).

Locally, Big W has been cashing in on the craze, raking in millions from sales of the $84 plush toys – though the surge has also triggered a flood of counterfeits across online marketplaces.

Pop Mart says it is on track to hit ambitious full-year revenue targets, boosted by rapid international growth.

While most sales still come from China, overseas expansion is accelerating, with revenue in the Americas surging more than 1,000% in the first half of the year. Pop Mart now has 40 US stores and plans 10 more by year’s end, alongside new flagships in Asia.