PD Explainer | Diving into the Labubu craze

Recently, the global frenzy for a character named Labubu has been unprecedented. Across multiple countries, stores have seen lengthy queues of dedicated fans, while social media platforms are flooded with Labubu-related unboxing videos. A recent J.P. Morgan report shows that Labubu is emerging as a "super IP," surpassing Hello Kitty in search popularity as of May. What exactly is behind this global Labubu phenomenon? Let's take a closer look.

(Produced by He Jieqiong, Chu Chu, Liang Peiyu, Zheng Qi and Di Jingyuan; Interns Fan Jialin, Zhao Zhe, Mu Yihan and Zhang Xi)