Beijing: Pop Mart announced on Thursday that it is working with Sony Pictures Entertainment to bring Labubu, the mischievous, toothy-grinned character, to the big screen. The project marks a significant milestone in the company’s strategy to expand its iconic toy characters into global entertainment franchises.

The film, currently in early development, is planned as a hybrid of live-action and CGI. Acclaimed BAFTA-nominated filmmaker Paul King, known for Paddington, Paddington 2, and Wonka, is set to direct and produce the project. He will also co-write the screenplay alongside award-winning writer Steven Levenson, best known for Dear Evan Hansen.

Pop Mart aims to transform Labubu from a viral collectible sensation into a long-lasting global entertainment brand. The company has previously indicated ambitions to expand its intellectual property into films, theme parks, merchandise, and broader cultural content drawing inspiration from Disney’s successful franchise-building model.

The move comes as Pop Mart continues its international expansion, recently announcing London as its European headquarters. Industry analysts view the Sony partnership as a key step in diversifying the company’s revenue streams. Morningstar analyst Jeff Zhang noted that while the film is likely to boost licensing income due to Labubu’s global popularity, it may not significantly impact the company’s stock valuation in the short term.

Labubu’s rise has already had a strong financial impact, with Pop Mart’s Hong Kong-listed shares surging 64% over the past year. The company’s market value now exceeds the combined worth of major toy makers Hasbro, Mattel, and Sanrio.

The character was created in 2015 by Hong Kong-born artist Kasing Lung as part of The Monsters Trilogy picture book series. Lung will serve as executive producer on the upcoming film.

Meanwhile, Pop Mart is celebrating the 10th anniversary of The Monsters with a global tour, with its latest showcase currently taking place in Paris.