Shares of Chinese toy maker Pop Mart International Group Ltd. rose the most in nearly four months on Wednesday, after Chief Executive Officer Wang Ning said the company could easily surpass its annual sales projection and announced plans to launch a new mini Labubu doll.

Barbie and Hot Wheels brace for tough competition as Pop Mart's Labubu toy brand, is on track to become a four billion-dollar business by the end of the year.

Wang Ning, billionaire founder of Chinese toy maker Pop Mart International Group, said the company could “easily” reach 30 billion yuan ($4.2 billion) in sales this year.