Pop Mart’s Labubu becomes bait for China’s Ping An Bank to lure young customers

Tactic draws attention of regulators as retail banks on the mainland struggle to attract young customers, analysts say

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A shopper reaches for a Labubu doll at Popland, a theme park opened by Chinese toy company Pop Mart, in Beijing, on June 2, 2025. Photo: EPA-EFE

Published: 5:00pm, 10 Jun 2025Updated: 6:22pm, 10 Jun 2025

Hoping the world’s trendiest monster will scare up some new customers, China’s Ping An Bank is rewarding those who open new accounts with a Pop Mart Lababu doll amid fierce competition for young customers among Chinese retail banks.

New clients who open a savings account and deposit more than 50,000 yuan (US$6,954) for at least three months could receive a blind box from the first or second series of the Chinese toy retailer’s popular collectibles, according to media reports. Customers who also apply for a credit card could receive a blind box from the third series.

With its pointy ears, sharp teeth and mischievous grin, Labubu has attained viral popularity among young consumers worldwide and driven a heady rise in Pop Mart’s revenue and share price. The plush figures – often sold in opaque boxes so that buyers cannot know exactly which one they are getting – typically retail for around 99 yuan on the mainland, but they sell for considerably more in other regions, such as the US and Middle East. Prices can soar on the secondary market due to high demand and limited supply.

Ping An Bank’s campaign with the sought-after figure quickly drew attention and went viral on RedNote, an Instagram-style platform popular for lifestyle tips. In a post on Monday that garnered more than 1,100 likes overnight, a Sichuan province-based user called Ouqixilanhua claimed to have rushed to a local branch after learning of the giveaway.

“I opened a [bank] account and made a deposit right away,” the user said. “Money has to be saved somewhere, and I couldn’t pass up a free collectible.”

However, one post on RedNote said that the incentive had been banned by financial regulators. According to sources cited by Bloomberg, the Zhejiang branch of the National Financial Regulatory Administration instructed local banks to stop offering improper incentives to lure in deposits.