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Straits Times
13-06-2025
- Business
- Straits Times
Labubu-maker Pop Mart diversifies into jewellery with new concept store
People look at Labubu dolls at the flagship store of Pop Mart in Shanghai, China June 13, 2025. REUTERS/Go Nakamura SHANGHAI - "Blind box" toymaker Pop Mart, which has seen frenzied sales worldwide for products related to its ugly-cute Labubu character, opened its first jewellery store in Shanghai on Friday. The jewellery concept store, called Popop, sells accessories adorned with Pop Mart's top-selling characters, including Labubu, Molly and Skullpanda. While Chinese consumption remains subdued in the face of a prolonged property downturn and sluggish economy, Pop Mart's affordable and adorable toys have remained in high demand both at home and abroad, driving its share price up more than 200% so far this year. Investor Zhang Ming, 34, who owns Pop Mart stocks worth 100 million yuan ($13.92 million), flew from his base in the southwestern Chinese city of Chongqing for the opening to check out the new store type and decide whether to increase his shareholding in the company. "I believe that the pricing and target audience for this brand are particularly well-suited, and I am confident that Pop Mart could potentially become China's version of Disney," Zhang said, predicting that the company's market cap could double from its current $45.65 billion valuation. Along with some Disney characters and others related to anime, comics and popular video games, Pop Mart's characters are seen as fulfilling what has been called "emotional consumption", which sees young consumers spend on affordable luxuries that bring joy into their lives. Fang Ke, 35, who has a birthday coming up this month decided to treat herself to a 699 yuan Labubu bracelet at the opening. "I've loved Pop Mart for a long time; it's good-looking, brightly coloured, and also has a visual impact," she said. "My daughter likes it too." At Popop, prices start at around 350 yuan for charms or a simple silver ring, and go as high as 2699 yuan for necklaces adorned with metallic models of the characters. Most pieces are priced at under 1,000 yuan. At a traditional Pop Mart store, the "blind box" toys that the chain is best known for generally sell for 69 yuan and up, but consumers have shown a willingness to shell out much more for limited editions. Earlier this week, a Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan, setting a new record and marking the toy's switch from craze to collectible. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
12-06-2025
- Sport
- The Star
Athletics-Norway's Warholm shatters own world best time in 300m hurdles
FILE PHOTO: Athletics - Diamond League - Shanghai - Shaoxing China Textile City Sports Centre, Shaoxing, China - May 3, 2025 Norway's Karsten Warholm in action during the men's 400m hurdles final REUTERS/Go Nakamura/File Photo OSLO, Norway (Reuters) -Norwegian hurdling great Karsten Warholm destroyed his own world best time in the rarely run 300 metres hurdles at the Oslo Diamond League meeting on Thursday. Roared on by the home crowd, the 2020 Olympic champion pulled away from the field over the final 50 metres, leaning across the finish line in 32.67 seconds to break his previous mark of 33.05 set in April. American Rai Benjamin, the Olympic champion last year in Paris, was second in 33.22, while Alison dos Santos of Brazil was third in 33.38. World record holder Armand Duplantis of Sweden cruised to an easy victory in the pole vault. The twice Olympic and world champion called it a night rather than chase a world record attempt in chilly 14 C temperatures. The 25-year-old had soared 6.27m in February to break the world mark for the 11th time. Nico Young became the fastest American over 5,000 metres outdoors when he outsprinted the field to win in 12 minutes 45.27 seconds in a thrilling race full of national records and personal bests. Ethiopia's Biniam Mehary and Kuma Girma crossed second and third respectively, while Englishman George Mills was fourth in 12.46.59 to obliterate the British record of 12:53.11 held by distance great Mo Farah. Paris Olympic champion Emmanuel Wanyonyi of Kenya raced to victory in the men's 800m, holding off a fast-closing field over the final 100m to finish in 1:42.78. "My body felt a little tired as I have come from Kenya so the travel has been long but I am happy with my performance against a strong field," Wanyonyi said. "I am happy with the start to my season in this world championship year." Julien Alfred, the first athlete from Saint Lucia to win an Olympic gold medal when she triumphed last year in Paris, opened her season with a win in the 100m in 10.89 seconds, setting the pace as the woman to beat at the worlds in Tokyo in September. "I was a little rusty but I got the win under my belt which is the main thing," Alfred said. "As for my season I am Olympic champion so I am the one to beat but I really want to add world champion to my name as well." Kenya's Faith Cherotich won the women's 3,000m steeplechase, outsprinting Olympic champion Winfred Yavi of Bahrain in a neck-and-neck battle over the final 200m, clocking 9:02.60 to edge Yavi by 0.16 seconds. Haruka Kitaguchi of Japan, women's javelin gold medallist at the Paris Games, threw almost a metre more than the rest of the field to win in Oslo with a toss of 64.63m. (Reporting by Lori Ewing; Editing by Ken Ferris)
The Standard
11-06-2025
- Automotive
- The Standard
China's EVE Energy, CHJ Jewellery plan to list in Hong Kong
People visit the booth of lithium battery manufacturer EVE Energy during a media day for the Auto Shanghai show in Shanghai, China April 23, 2025. REUTERS/Go Nakamura
Straits Times
06-06-2025
- Business
- Straits Times
US, Chinese officials exchange barbs at Shanghai event over trade
Eric Zhang, President of American Chamber of Commerce in Shanghai (AmCham Shanghai), speaks during AmCham Shanghai annual gala in Shanghai, China June 6, 2025. REUTERS/Go Nakamura Scott Walker, U.S. Consul General in Shanghai, speaks during American Camber of Commerce Shanghai (AmCham Shanghai) annual gala in Shanghai, China June 6, 2025. REUTERS/Go Nakamura SHANGHAI - U.S. and Chinese officials traded barbs at a celebration held by a U.S. business chamber in Shanghai on Friday, as the chamber appealed to both countries to provide more certainty to American businesses operating in China. Scott Walker, consul general of U.S. consulate in Shanghai, told a gathering of U.S. businesses aimed at celebrating the 110th anniversary of the American Chamber of Commerce (AmCham) in Shanghai that the U.S.-China economic relationship had been unbalanced and non-reciprocal "for far too long." "We want an end to discriminatory actions and retaliation against U.S. companies in China," he said. In a speech that directly followed Walker's, Chen Jing, a Shanghai Communist Party official who is also the president of the Shanghai People's Association for Friendship with Foreign Countries, countered Walker's view. "I believe the consul general's view is prejudiced, ungrounded and not aligning with the phone call of our heads of states last night," he said. The interaction reflects the continued strained relationship between both countries as the trade war continues to simmer. U.S. President Donald Trump and Chinese leader Xi Jinping spoke over a long anticipated call on Thursday, confronting weeks of brewing trade tensions and a battle over critical minerals. Trump later said they agreed to further talks. It came in the middle of a dispute between Washington and Beijing in recent weeks over "rare earths" minerals that threatened to tear up a fragile truce in the trade war between the two biggest economies. The countries struck a 90-day deal on May 12 to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration but the deal has not addressed broader concerns that strain the relationship and Trump has accused China of violating the agreement. Eric Zheng, president of AmCham Shanghai which counts over 1,000 companies among its membership, told reporters on the sidelines of the event that many companies had put their decision-making on pause due to the uncertainty. "People are looking for some more definitive, durable statements on both sides that enable businesses to feel more secure," he said. "Our number one ask from the two governments is to give us some certainty so that we can plan accordingly." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
28-05-2025
- Business
- Straits Times
Smoke still rising one day after deadly China chemical plant blast
Damaged windows are seen near the site of the chemical plant explosion in Gaomi, Shandong province, China May 28, 2025. REUTERS/Go Nakamura A police car and fire trucks are parked near the site of the chemical plant explosion in Gaomi, Shandong province, China May 28, 2025. REUTERS/Go Nakamura Smoke rises at the site of the chemical plant explosion in Gaomi, Shandong province, China May 28, 2025. REUTERS/Go Nakamura GAOMI, China - Shattered glass from windows blown apart by an explosion at a chemical plant in China's eastern Shandong province littered the roadside for more than one kilometre on Wednesday, a day after a blast that killed at least five people. The explosion happened just before noon on Tuesday at a facility operated by Shandong Youdao Chemical in the city of Gaomi, sending plumes of orange and black smoke into the sky. Nineteen people were injured and six more remain missing, according to the state-run Xinhua news agency. Local officials have not yet released the results of unspecified tests carried out at the site. The streets leading up to the smouldering ruins were deserted, except for emergency teams, Reuters' witnesses reported. Black and grey smoke was still rising from the facility, although there was no sign of a fire that national-level authorities on Tuesday had urged emergency workers to quickly contain. Shandong Youdao Chemical was established in August 2019 in the Gaomi Renhe chemical park, according to the company's website. The plant develops and produces chemical components for use in pesticides and pharmaceuticals, employing more than 300 people on a site of more than 47 hectares (116 acres). The company is a unit of Himile Group, which also owns listed Himile Mechanical, whose shares were down nearly 3.6% when the market closed on Tuesday. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
