Shares of Chinese toymaker Pop Mart International Group sank over 22% in Hong Kong on Wednesday after the company released full year results for 2025. The drop wiped out $2.7 billion from founder Wang Ning’s net worth as investors were spooked by a slowdown in overseas growth during the final quarter of last year implied in the annual numbers.

The 39-year-old mogul now has a fortune of $13.6 billion that is largely based on his company stake, according to Forbes estimates. Last year, sales grew 184.7% year-on-year to 37.1 billion yuan ($5.4 billion), beating the billionaire’s earlier estimate of 30 billion yuan in revenues. Net profit almost quadrupled to 13 billion yuan from a year ago.

Yet investors parsed the numbers to identify a growth slowdown in overseas markets during the final quarter of 2025. The company........

© Forbes