A Zhejiang couple has become billionaires by selling trading cards to elementary school students. The recently released 2025 Hurun Rich List revealed Li Qibin and Qi Yan, founders of the trading card company Card Hero, with a combined net worth of 60 billion yuan ($8.4 billion), surpassing JD.com's Richard Liu and Baidu's Robin Li.
Their wealth stems from Card Hero, the company behind popular trading card series like My Little Pony and Ultraman, which have become a cultural phenomenon among Chinese children. Last year alone, the company generated 10 billion yuan in revenue with 4.4 billion yuan in net profit. Despite two failed IPO attempts in Hong Kong (2024 and 2025), their financial success arrived before going public.
The 52-year-old founders began their entrepreneurial journey under financial pressure. After inheriting 3 million yuan in debt from his father's failed luggage business, Li Qibin discovered the potential of trading cards while working as a civil servant. His initial 20,000 yuan investment in cartoon stickers yielded 80,000 yuan profit within a week, prompting him to establish Card Hero in 2011.
The company's breakthrough came in 2018 with the Ultraman license. From 2019-2022, revenue and profits multiplied annually. Card Hero now dominates 70% of China's trading card market, with gross margins reaching 71.3% - significantly higher than Pop Mart's 66.79%. Their business model relies on licensed IPs (69 out of 70 properties), with Ultaman and My Little Pony driving most sales.
However, challenges loom. A $135 million investment from Sequoia Capital and Tencent in 2021 came with strings attached - an obligation to IPO by June 2026 or face buyback demands with 8% interest. Recent media criticism, including from state broadcaster CCTV, has targeted the company's "blind box" sales tactics and inadequate youth protection measures, contributing to their IPO setbacks.
With their core business dependent on licensed IPs and facing regulatory scrutiny, the clock is ticking for China's newest billionaire couple to resolve their financial obligations and business challenges.