Why top investor Duan Yongping is holding Pop Mart for ten years

When one of China's most watched investors declares he has no plans to sell his stake in a company for at least a decade, the business world takes notice. Duan Yongping (段永平), a legendary Chinese investor and entrepreneur, recently sparked widespread discussion by revealing that there is a high probability he will not sell his shares in Pop Mart (泡泡玛特), China's premier designer toy and intellectual property company, over the next ten years.

This bold statement instantly went viral on ZhihuChina's largest question-and-answer knowledge community, similar to Quora, whose hot list captures what educated Chinese internet users are debating. (知乎), China's popular Q&A platform, triggering a national debate: what will Pop Mart look like a decade from now? This article unpacks why a long-term bet on a trendy toy brand matters, what drives the debate today, and why observers around the world should pay attention to the future of Chinese consumer culture.

The background

To understand why this statement made waves, one must look at the key figures involved. Duan Yongping (段永平) is widely regarded in financial circles as a disciplined value investor who emphasizes deep fundamental understanding and long-term holding periods. When an investor with that reputation publicly signals a ten-year commitment to a stock, it signals a strong vote of confidence in the underlying business model rather than a short-term speculative trade.

On the other side of the equation is Pop Mart (泡泡玛特). Founded as a retail business that grew into a powerhouse in designer toysCollectible art toys aimed at adults rather than children, driven by original IP characters and artist collaborations, with Pop Mart as the industry's flagship., Pop Mart (泡泡玛特) popularized the concept of blind boxesSealed toy boxes sold without revealing which figure is inside, a mystery-collecting format popularized by Pop Mart that hooks buyers on completing sets.—collectible figurines sold in sealed packaging where buyers do not know which specific design is inside until opened. Over time, the company expanded beyond individual toy releases to build a broader ecosystem around proprietary intellectual property, licensing, character design, and offline experiential retail stores.

While Pop Mart (泡泡玛特) achieved rapid popularity in its home market, skeptics have long questioned whether a trendy toy brand can maintain consumer loyalty over a multi-year horizon. Cultural fads can fade quickly, especially when consumer tastes shift toward new entertainment options. The core question for observers has always been whether Pop Mart (泡泡玛特) is merely a temporary novelty or an enduring culture enterprise capable of lasting decades.

Why it is happening now

The recent discussion erupted after Duan Yongping (段永平) shared his view that he is highly likely to hold Pop Mart (泡泡玛特) for a ten-year horizon. This remark ignited a trending topic on Zhihu (知乎), prompting analysts, retail investors, and pop culture fans to debate what the company could realistically achieve by the mid-2030s.

Several factors explain why this topic is attracting so much attention right now. First, the conversation highlights a broader debate about the maturation of Chinese intellectual property companies. Creating iconic characters that stay relevant for decades—similar to global entertainment giants—requires continuous innovation, narrative building, and global distribution. Investors are debating whether Pop Mart (泡泡玛特) can transition from selling physical collectible toys to managing long-lasting global pop culture franchises.

Second, the debate reflects a shift in investment sentiment toward Chinese consumer brands. Rather than focusing solely on quarterly sales velocity or short-term viral marketing hits, market participants are increasingly asking whether Chinese consumer companies possess the structural advantages needed to build durable moat assets. A ten-year holding horizon forces commentators to analyze deeper structural drivers, such as international expansion capabilities, IP lifecycle management, and customer retention strategies.

Finally, the discussion touches on the evolving preferences of younger consumers. Pop Mart (泡泡玛特) built its reputation on catering to young adults seeking emotional value, self-expression, and playful desk art. As this demographic grows older, the company faces the challenge of maintaining its appeal across generations while cultivating new characters that resonate with incoming waves of consumers.

Why it matters beyond China

For readers outside China, the high-profile debate surrounding Duan Yongping (段永平) and Pop Mart (泡泡玛特) offers important insights into the changing nature of Chinese exports and global brand ambitions.

For decades, international perceptions of Chinese businesses were centered on low-cost manufacturing and supply chain efficiency. However, companies like Pop Mart (泡泡玛特) represent a new generation of Chinese firms driven by original design, cultural branding, and character creation. If Pop Mart (泡泡玛特) successfully builds a sustainable ten-year growth trajectory, it could serve as a blueprint for how Chinese consumer brands export creative content and lifestyle products to global audiences.

Furthermore, Pop Mart (泡泡玛特) has already begun expanding its physical store footprint, localized marketing, and art pop-ups in markets across Asia, Europe, and North America. Overseas consumers who encounter these distinctive designer figurines in major global shopping districts are witnessing firsthand the international rollout of Chinese pop culture icons. Understanding how top investors evaluate these brands gives foreign observers a clearer picture of the strategic patience backing China's global commercial expansion.

Lastly, the ten-year debate highlights the growing emphasis on emotional value in retail. Modern consumers around the world are increasingly buying products not just for practical utility, but for comfort, collection, and identity. Pop Mart's (泡泡玛特) ability to turn designer characters into meaningful everyday companions provides a compelling case study for global retailers trying to connect emotionally with young, digitally native consumers.

What to watch

In the coming years, observers should watch how Pop Mart (泡泡玛特) executes its global footprint and expands its intellectual property beyond physical designer toys into broader entertainment media. Whether the brand can build lasting cultural resonance across diverse international markets will ultimately determine whether Duan Yongping's (段永平) ten-year confidence proves justified.