Zhang Chaoyang, the founder of Sohu and a prominent figure in China's internet industry, recently expressed regret over returning a rare LABUBU collectible he once received from Rupert Hoogewerf, founder of the Hurun Report.
On June 11, 2025, it was reported that a mint-colored first-generation LABUBU set a new world record at the Yongle 2025 Spring Auction, selling for 1.08 million yuan, making it the most expensive LABUBU ever.
Previously, Rupert Hoogewerf had traded a sapphire with Pop Mart founder Wang Ning to acquire this rare LABUBU, which was personally signed by Wang. Hoogewerf later gifted the collectible to Zhang Chaoyang, who subsequently returned it — a decision he now regrets.
Recently, Pop Mart’s LABUBU has seen a surge in global popularity, becoming a worldwide phenomenon. From Asia to Europe and North America, long lines have formed outside Pop Mart stores, leading to a “one toy per person” frenzy and widespread sell-outs.
According to official information, Wang Ning, born in 1987 in Xinxiang, Henan Province, is the founder of Pop Mart. Based on Forbes' real-time billionaire rankings, Wang’s net worth has reached $20.3 billion (approximately 146.7 billion RMB), surpassing Qin Yinglin, the founder of Muyuan Foods, who holds $16.3 billion, making Wang the richest person in Henan.