AsianFin — Shares of Pop Mart surged more than 3% intraday on Monday, hitting a record high of HK$253 per share.

The stock closed at HK$250.8, up 2.45% for the day, pushing the company’s market capitalization close to HK$340 billion.

The rally comes as the company continues to benefit from strong consumer demand and brand momentum in the designer toy market.

At the same time, Forbes’ real-time billionaire rankings show that Pop Mart founder, executive chairman, and CEO Wang Ning now has a net worth of $20.7 billion, surpassing Qin Yinglin, the founder of Muyuan Foods, whose wealth stands at $16.9 billion. Wang has now become Henan Province’s richest individual.

Pop Mart’s continued stock performance and Wang’s rise in the wealth rankings reflect growing investor confidence in China’s cultural IP and collectible economy, as well as the company’s expanding international footprint.