CX Briefing: Labubu Auction Shows There’s Serious Money in Trendy Toys

A rundown of the news making headlines in and around China:

Serious toy money: A collectible Labubu figure has sold for more than 1 million yuan ($139,130) at auction, illustrating how the surging popularity of trendy toys driven by Chinese retailers like Pop Mart has vaulted them into the rarified worlds of fine art and high-value collectibles. The 131-centimeter Labubu figure created by Hong Kong artist Kasing Lung sold Tuesday for 1.242 million yuan including commission, setting a new record for both the artist and the brand. The auction followed several successful sales of Labubu items, including one that fetched more than HK$200,000 ($25,480) at Sotheby’s Hong Kong in late May.