By Nicholas Gordon

By Nicholas Gordon Asia Editor

Nicholas Gordon Asia Editor

Nicholas Gordon is an Asia editor based in Hong Kong, where he helps to drive Fortune ’s coverage of Asian business and economics news. SEE FULL BIO

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At the Fortune Global Forum in late October, the CEO of Hong Kong Exchanges and Clearing, the operator of the Chinese city’s stock exchange, shared an investor obsession.

“What is also emerging is a very interesting phenomenon, what we call ‘new consumption,’” Bonnie Chan told the audience. Her prime example? “This thing called Labubu.”

The ugly-cute doll, sold by Chinese toymaker and retailer Pop Mart, is the hottest item of 2025 and, as Chan mentioned, evidence of the new trend in Chinese consumers making emotionally driven purcha

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