Mainland bank made to halt Labubu promo

A Chinese lender’s attempt to attract depositors with gifts including Pop Mart’s (9992) hit doll Labubu has been blocked by financial regulators, Bloomberg reported, citing sources.

This comes as banks across China began intensifying efforts to lure savers in the face of falling interest rates and shrinking profit margins.

According to the report, the Zhejiang branch of the National Financial Regulatory Administration has instructed local banks to avoid offering non-compliant perks to attract deposits.

The warning follows a promotion by Ping An Bank, whose multiple branches have launched promotions since May, offering Labubu blind boxes to customers who open savings or credit card accounts, according to Cailian Press.

Bloomberg reported that the campaign targets new depositors who can park in 50,000 yuan (HK$54,651.2) for three months.

The dolls, known for their collectible value and scarcity, sparked a wave of interest online.

Ping An Bank told mainland media on Sunday that the campaign was aimed at attracting young, trend-conscious consumers and represented an innovative effort to combine finance with domestic pop culture.

China’s major banks launched a new round of deposit rate cuts last month, with smaller lenders following suit and pushing term deposit interests barely above 1 percent.

Meanwhile, Pop Mart’s shares surged to a record high of HK$262 during Tuesday’s morning session. They have soared nearly 193.6 percent since the beginning of this year.

STAFF REPORTER