In August, the global Labubu craze made Chinese toy mogul Wang Ning richer than the country’s renowned Alibaba cofounder Jack Ma. But in recent months, the 38-year-old billionaire has seen $11.3 billion of his once $27.5 billion fortune slip away amid worries that the rabbit-ish doll with pointed ears and a mischievous smile may prove just to be a fad.

The chairman and CEO of Pop Mart International Group still has a fortune, estimated by Forbes at $16.2 billion, mostly from a stake in the Hong........

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