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🕒 2 days ago

China Bans Banks from Using Labubu Dolls to Attract Deposits

Thumbnail for China Bans Banks from Using Labubu Dolls to Attract Deposits
Image & Source: theguardian

Chinese authorities have banned domestic banks from using Labubu dolls as incentives to attract deposits, citing concerns over increasing costs and shrinking profit margins. The Zhejiang branch of the National Financial Regulatory Administration issued guidance after Ping An Bank's promotion offering Labubu dolls to new customers who deposited at least 50,000 yuan for three months. The regulator aims to prevent such non-compliant perks amid fierce competition among lenders.

Labubu dolls, created by Hong Kong-born artist Kasing Lung and popularized by Pop Mart since 2019, have become highly sought-after collectibles. Their popularity surged after celebrities like Blackpink's Lisa and Rihanna were seen with them, leading to viral status. This craze has even sparked brawls in UK stores, highlighting the dolls' immense appeal and the lengths fans will go to obtain them.

In June 2025, a human-sized Labubu figure sold for over $150,000 at a Beijing auction, setting a new record for the toy and underscoring its status as a high-value collectible.

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