Shares of Labubu maker Pop Mart surged nearly 12% Wednesday after the company announced it would soon launch mini versions of its wildly-popular dolls as early as this week.

Pop Mart CEO Wang Ning said during an earnings call that the new mini Labubu monsters will be made to hang off phones.

The stock, which trades on the Hong Kong exchange, soared 11.9% to close at $40.75 — the highest level since Pop Mart went public in 2020. 3

Previous new releases from Pop Mart have sold out in minutes, causing the website to crash.

Wang, who founded the toymaker in 2010, said Pop Mart is on track to meet its revenue goal of 20 billion yuan, or $2.78 billion, and that $4.18 billion “this year should also be quite easy.”

While most of Pop Mart’s revenue comes from China, it has seen rapid grow

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