A trendy Chinese toy has taken the global market by storm, with its latest product recently selling out almost instantly on release and commanding skyrocketing resale prices.

From Southeast Asia to Europe and the Americas, the phenomenon has garnered a massive following, including interest from international celebrities.

The toy in question is Labubu, the mischievous yet endearing face of the Monsters series created by Chinese toy giant Pop Mart.

With its signature large eyes, pointed teeth and playful grin, Labubu has captured the hearts of fans around the world, quickly becoming the brand's hottest intellectual property.

On June 10, a rare, first-generation mint-colored Labubu figurine was sold for a staggering 1.08 million yuan (more than $150,000) at the Beijing Yongle International Auction, which typically specializes in jewelry and modern art.

This figurine — standing 131 centimeters tall — was created by Hong Kong-based artist Kasing Lung and was being marketed as the "only one in the world". The identity of the buyer remains undisclosed, further fueling the mystery and appeal surrounding the character.

But Labubu's reach doesn't stop there. On June 13, the buzz surrounding Labubu is set to hit Shanghai, with the Monsters series making its grand debut in East China at the Jing'an Kerry Centre.

This limited-time pop-up store promises to spark another buying frenzy, with exclusive releases expected to sell out in record time.

The pop-up, open until July 30, will feature a range of Monsters products. Visitors can only enter by making reservations through the official Pop Mart WeChat mini program.

Starting June 12 at 10 am, the program will allow shoppers to book slots for the following day, ensuring that fans don't miss out on the chance to experience the brand firsthand.

According to Pop Mart's official announcement, products will be sold both online and on-site.

The online release, set for 10 pm on June 12, will feature plush accessories such as a soft rubber keychain and seafood ball-shaped pendant, which can be purchased online and picked up in-store.

Meanwhile, the pop-up store will showcase a variety of everyday items inspired by the Monsters theme. These include silicone ice trays, food storage bags, sandwich bags, tissue holders and even collectible blind boxes, with prices ranging from 59 to 299 yuan.

The much-anticipated Labubu figurines will also be available for purchase starting June 13.

To ensure access to this highly anticipated event, fans must reserve their entry through the WeChat mini program, confirming their chosen time and paying a symbolic fee of 0.01 yuan for a Monsters store entry slot.

Sources: Official WeChat account of Shanghai Jing'an Media Center, Shanghai Observer