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The Star
27-05-2025
- The Star
Chinese customs authorities crack down on toy doll smuggling
People look at collectable designer art toy Labubu at a Pop Mart pop-up store in Siam Center shopping mall in Bangkok on May 6, 2025. - AFP JINAN: The surge in cross-border resales of Pop Mart toys, with some rare editions fetching jaw-dropping prices, has blurred the line between proxy shopping and smuggling, as several Chinese customs authorities have reported undeclared toys being intercepted in quantities exceeding the allowed amount. In the past three months, Chinese customs authorities have reported multiple cases of intercepting undeclared Pop Mart toys, including popular Labubu and Molly figurines, carried by passengers who are seeking to profit from resales. In one instance, a total of 318 toys were seized from three travelers at Changsha Huanghua International Airport in Hunan province. In another case, a passenger at Hefei Xinqiao International Airport in Anhui province was caught with 94 toys, all intended for resale, according to the General Administration of Customs of China. 'The number of toys they brought with them exceeded the prescribed quantity for personal use, so they could face punishment according to related laws,' said Xu Hao, a lawyer at Beijing Jingsh Law Firm. China's Customs Law stipulates that transporting undeclared goods in excess of prescribed limits for profit-seeking purposes constitutes smuggling. If the evaded tax amount exceeds 50,000 yuan (US$6,940), it will be considered a smuggling crime that could carry a punishment of up to life in prison. Overseas Chinese students should be fully aware of the legal risks associated with similar resale activities, including but not limited to tax violations and counterfeit goods distribution, which may lead to severe consequences, Xu added. Pop Mart, a Beijing-based toy brand, has taken the global market by storm, with its limited-edition figurines becoming hot commodities both at home and abroad. The cases reported by Chinese customs authorities highlight the booming secondary market. The allure lies in the substantial profit margins. A customs declaration form submitted by one passenger showed that a Pop Mart Molly figurine in the passenger's possession was priced at 6,790 Thai baht (US$209). In China's secondary market, the same toy sells for an average of US$319 — leaving a sizable profit margin even after accounting for the 13 per cent value-added tax on such items. The 'hidden edition' of Labubu 3.0, originally priced at 99 yuan, now commands a price of more than 2,000 yuan. On a major Chinese secondhand goods platform, the hidden edition of Labubu 3.0 was listed at 2,699 yuan, with over 2,300 users marking it as 'wanted' and nearly 120,000 views recorded. 'Pop Mart is a Chinese brand, but overseas toy editions often feature exclusive collaborations not available in China, making them even more desirable,' said Sun Yuzhuoran, a buyer of Pop Mart products. Pop Mart's global expansion has further fueled the craze. With flagship stores in cities like Paris, London, New York and Bangkok, the brand reported 475 per cent year-on-year growth in its overseas revenue in the first quarter — five times that of its domestic market. The brand's popularity reflects consumption trends among young buyers. 'The affordable blind-box toys offer emotional value. It is about the thrill of spending just a few dozen yuan for some surprise,' said Li Ruihan, a university student in Jinan, Shandong province. 'But now, some editions sell for hundreds of yuan,' said Li. - China Daily/ANN
Straits Times
27-05-2025
- Straits Times
Chinese customs authorities crack down on toy doll smuggling
In the past three months, Chinese customs authorities have reported multiple cases of undeclared Pop Mart toys. PHOTO: AFP JINAN - The surge in cross-border resales of Pop Mart toys, with some rare editions fetching jaw-dropping prices, has blurred the line between proxy shopping and smuggling, as several Chinese customs authorities have reported undeclared toys being intercepted in quantities exceeding the allowed amount. In the past three months, Chinese customs authorities have reported multiple cases of intercepting undeclared Pop Mart toys, including popular Labubu and Molly figurines, carried by passengers who are seeking to profit from resales. In one instance, a total of 318 toys were seized from three travelers at Changsha Huanghua International Airport in Hunan province. In another case, a passenger at Hefei Xinqiao International Airport in Anhui province was caught with 94 toys, all intended for resale, according to the General Administration of Customs of China. 'The number of toys they brought with them exceeded the prescribed quantity for personal use, so they could face punishment according to related laws,' said Mr Xu Hao, a lawyer at Beijing Jingsh Law Firm. China's Customs Law stipulates that transporting undeclared goods in excess of prescribed limits for profit-seeking purposes constitutes smuggling. If the evaded tax amount exceeds 50,000 yuan ($8,901), it will be considered a smuggling crime that could carry a punishment of up to life in prison. Overseas Chinese students should be fully aware of the legal risks associated with similar resale activities, including but not limited to tax violations and counterfeit goods distribution, which may lead to severe consequences, Mr Xu added. Pop Mart, a Beijing-based toy brand, has taken the global market by storm, with its limited-edition figurines becoming hot commodities both at home and abroad. The cases reported by Chinese customs authorities highlight the booming secondary market. The allure lies in the substantial profit margins. A customs declaration form submitted by one passenger showed that a Pop Mart Molly figurine in the passenger's possession was priced at 6,790 Thai baht (S$268). In China's secondary market, the same toy sells for an average of S$410 — leaving a sizable profit margin even after accounting for the 13 per cent value-added tax on such items. The 'hidden edition' of Labubu 3.0, originally priced at 99 yuan, now commands a price of more than 2,000 yuan. On a major Chinese secondhand goods platform, the hidden edition of Labubu 3.0 was listed at 2,699 yuan, with over 2,300 users marking it as 'wanted' and nearly 120,000 views recorded. 'Pop Mart is a Chinese brand, but overseas toy editions often feature exclusive collaborations not available in China, making them even more desirable,' said Mr Sun Yuzhuoran, a buyer of Pop Mart products. Pop Mart's global expansion has further fueled the craze. With flagship stores in cities like Paris, London, New York and Bangkok, the brand reported 475 per cent year-on-year growth in its overseas revenue in the first quarter — five times that of its domestic market. The brand's popularity reflects consumption trends among young buyers. 'The affordable blind-box toys offer emotional value. It is about the thrill of spending just a few dozen yuan for some surprise,' said Mr Li Ruihan, a university student in Jinan, Shandong province. 'But now, some editions sell for hundreds of yuan,' said Mr Li. CHINA DAILY/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
06-05-2025
- Business
- Business Times
Tencent, Temasek-backed GenZero tie up to cut one million tonnes or more of greenhouse gases via carbon credits deal
[SINGAPORE] Tech giant Tencent will have the opportunity to offtake at least one million carbon credits from GenZero's investment portfolio over 15 years under a partnership with the Temasek-backed investment platform. This will represent an estimated abatement of at least one million tonnes of greenhouse gases, said both companies in a joint statement on Tuesday (May 6). The partnership was structured to mobilise capital towards high-integrity climate solutions, enhance market transparency and strengthen trust in global carbon credit systems, it added. Tencent and GenZero said they will prioritise projects in areas where finance is most needed, while also ensuring that the projects deliver co-benefits such as improved livelihood for the local communities near where the projects are implemented. The carbon credits generated will be from projects that have been verified by international carbon standards developed by Verra or Gold Standard or the carbon crediting mechanism set out in Article 6 of the Paris Agreement – a global treaty seeking to keep global warming under 1.5 deg C by 2050. This is to ensure that the carbon credits purchased ensure real, measurable, and verifiable emissions reductions and removals. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Both companies said that a core focus of this partnership is to enhance transparency and rebuild trust in international carbon markets. Criticisms over the integrity of carbon credits over the last few years have been plaguing the growth of the market. Tencent and GenZero will try to de-risk carbon projects by conducting pre-feasibility studies, and strengthen market integrity by deploying monitoring, reporting and verification technologies.. Both parties will also continue to explore opportunities to invest in and scale climate solutions by leveraging their respective networks to identify promising investment prospects that could benefit from co-investment, read the release. Frederick Teo, GenZero's chief executive officer, said that its partnership with Tencent will encompass all three of its core investment areas, which are nature-based solutions, technology-based solutions and carbon ecosystem enablers. Xu Hao, vice-president of Tencent's sustainable social value organisation, said: 'Leveraging our digital capabilities and GenZero's expertise, we aim to enhance carbon market transparency, promote innovative climate technologies, and deploy blended finance models to accelerate global transition to net zero.'
Business Times
06-05-2025
- Business
- Business Times
Tencent has opportunity to offtake at least one million carbon credits from Temasek-backed GenZero
[SINGAPORE] Tech giant Tencent will have the opportunity to offtake at least one million verified, high-quality carbon credits from GenZero's investment portfolio over a period of 15 years, after inking a partnership with the Temasek-backed investment platform. This will represent an estimated abatement of at least one million tonnes of greenhouse gases, said both companies in a joint statement on Tuesday (May 6). The partnership was structured to mobilise capital towards high-integrity climate solutions, enhance market transparency and strengthen trust in global carbon credit systems, it added. Tencent and GenZero said they will prioritise projects in areas where finance is most needed, while also ensuring that the projects deliver co-benefits such as improved livelihood for the local communities near where the projects are implemented. The carbon credits generated will be from projects that have been verified by international carbon standards developed by Verra or Gold Standard or the carbon crediting mechanism set out in Article 6 of the Paris Agreement – a global treaty seeking to keep global warming under 1.5 deg C by 2050. This is to ensure that the carbon credits purchased ensure real, measurable, and verifiable emissions reductions and removals. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Both companies said that a core focus of this partnership is to enhance transparency and rebuild trust in international carbon markets. Criticisms over the integrity of carbon credits over the last few years have been plaguing the growth of the market. Tencent and GenZero will try to de-risk carbon projects by conducting pre-feasibility studies, and strengthen market integrity by deploying monitoring, reporting and verification technologies.. Both parties will also continue to explore opportunities to invest in and scale climate solutions by leveraging their respective networks to identify promising investment prospects that could benefit from co-investment, read the release. Frederick Teo, GenZero's chief executive officer, said that its partnership with Tencent will encompass all three of its core investment areas, which are nature-based solutions, technology-based solutions and carbon ecosystem enablers. Xu Hao, vice-president of Tencent's sustainable social value organisation, said: 'Leveraging our digital capabilities and GenZero's expertise, we aim to enhance carbon market transparency, promote innovative climate technologies, and deploy blended finance models to accelerate global transition to net zero.'
Business Times
06-05-2025
- Business
- Business Times
Tencent looks to purchasing one million carbon credits from Temasek-backed GenZero
[SINGAPORE] Tech giant Tencent will have the opportunity to offtake at least one million verified, high-quality carbon credits from GenZero's investment portfolio over a period of 15 years, after inking a partnership with the Temasek-backed investment platform. This will represent an estimated abatement of at least one million tonnes of greenhouse gases, said both companies in a joint statement on Tuesday (May 6). The partnership was structured to mobilise capital towards high-integrity climate solutions, enhance market transparency and strengthen trust in global carbon credit systems, it added. Tencent and GenZero said they will prioritise projects in areas where finance is most needed, while also ensuring that the projects deliver co-benefits such as improved livelihood for the local communities near where the projects are implemented. The carbon credits generated will be from projects that have been verified by international carbon standards developed by Verra or Gold Standard or the carbon crediting mechanism set out in Article 6 of the Paris Agreement – a global treaty seeking to keep global warming under 1.5 deg C by 2050. This is to ensure that the carbon credits purchased ensure real, measurable, and verifiable emissions reductions and removals. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Both companies said that a core focus of this partnership is to enhance transparency and rebuild trust in international carbon markets. Criticisms over the integrity of carbon credits over the last few years have been plaguing the growth of the market. Tencent and GenZero will try to de-risk carbon projects by conducting pre-feasibility studies, and strengthen market integrity by deploying monitoring, reporting and verification technologies.. Both parties will also continue to explore opportunities to invest in and scale climate solutions by leveraging their respective networks to identify promising investment prospects that could benefit from co-investment, read the release. Frederick Teo, GenZero's chief executive officer, said that its partnership with Tencent will encompass all three of its core investment areas, which are nature-based solutions, technology-based solutions and carbon ecosystem enablers. Xu Hao, vice-president of Tencent's sustainable social value organisation, said: 'Leveraging our digital capabilities and GenZero's expertise, we aim to enhance carbon market transparency, promote innovative climate technologies, and deploy blended finance models to accelerate global transition to net zero.'
