Shanghai, June 15, 2025 — Ping An Bank has ignited a social media firestorm with its new “deposit-to-earn-LABUBU” campaign, offering popular blind boxes from Pop Mart’s iconic IP as a lure for new customers. The initiative, which rewards customers with LABUBU collectibles for opening accounts and depositing ¥50,000 in fixed-term savings, highlights the growing trend of financial institutions leveraging pop culture to engage younger demographics.
The Controversial Campaign: How It Works
Aimed at “pure new customers” (those without existing Ping An accounts or who closed them over a year ago), the promotion offers:
Base Offer: A LABUBU 1.0 or 2.0 blind box for new accounts with ¥50,000+ deposits(3–6 months term).
Upgrade: A premium LABUBU 3.0 blind box for customers who also apply for a credit card.
While the bank insists the blind boxes are authentic and part of its “Ping An Good Neighbor” loyalty program, critics question whether the campaign crosses the line from innovative marketing to 变相 (covert) interest subsidies.
LABUBU’s Cultural and Commercial Dominance
The campaign’s centerpiece, LABUBU, has become a global cultural phenomenon.
Retail Frenzy: Since its April 2025 launch, the LABUBU 3.0 series has caused chaotic scenes in 欧美 (Europe and America), with queues wrapping around stores and online sellouts in seconds.
Celebrity Endorsements: Stars like David Beckham and Rihanna have amplified its appeal, turning LABUBU into a cross-generational “social currency.”
Secondary Market Explosion: The original ¥99 blind boxes now trade for ¥200–600on resale platforms, while limited-edition collaborations fetch up to ¥30,000.
Pop Mart’s Soaring Success Driven by LABUBU
The IP’s influence has propelled Pop Mart to new heights.
Financial Growth:
THE MONSTERS series (including LABUBU) generated ¥3.04 billion in revenuein 2024 (+726.6% YoY), accounting for 25% of Pop Mart’s total income.
Annual revenue hit ¥13.04 billionwith a ¥3.4 billion net profit (+106.9% and +185.9% YoY, respectively), driven by 2% growth in overseas markets.
Valuation Surge: Pop Mart’s stock has surged 180%this year, with a market cap of HKD 336.8 billion (~¥333.3 billion), surpassing Japan’s Sanrio as Asia’s top character economy brand. Founder Wang Ning now ranks among China’s wealthiest, with a $20.3 billion fortune.
Analyst Praise for Multi-Dimensional Innovation
Huatai Securities attributes Pop Mart’s success to its IP design, product diversification, and marketing synergy rather than reliance on single trends.
The firm highlights:
Upcoming Projects: A The Monstersanimated short set for release this summer, expected to further boost global fandom.
Valuation Upgrade: Citing LABUBU’s overseas expansion and strong pipeline, Huatai raised Pop Mart’s 2025 PE ratio from 42x to 58x(vs. sector average 38x) and increased its target price to HKD 300 (from HKD 219), maintaining a “buy” rating.
Regulatory and Ethical Considerations
While the campaign highlights the effectiveness of “finance + national trend” strategies, experts warn of potential risks.
Regulatory Scrutiny: Gifts tied to deposits may face closer examination under anti-unfair competition laws.
Consumer Protection: Critics argue the focus on collectibles could obscure the terms of financial products, particularly for younger or inexperienced investors.
As financial institutions increasingly turn to pop culture for engagement, Ping An’s LABUBU campaign serves as both a case study in innovative marketing and a reminder of the delicate balance between creativity and regulatory compliance.
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