The Commercialization of China's Intangible Heritage

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I must apologize for the slightly clickbaity subtitle.Many Chinese netizens do jokingly refer to this company as ‘Pop Mart for middle-aged men’ due to its focus on figurines and collectibles, but its business model couldn’t be more different. That said, I promise an interesting look into how Chinese consumers are rediscovering their passion for traditional craftsmanship in today’s post.There’s a joke that’s been circulating in China for years about the spending hierarchy of Chinese consumers. The rough order goes: women > children > the elderly > pets > men. Specifically, middle-aged men.The stereotype is fair. Chinese middle-aged men — the ones running companies, managing client relationships, attending business banquets, and bearing the burden of financing the family — tend not to spend on themselves. But their money goes to status, to relationships, to gifts.So when a company specifically targeting this demographic just went public in Hong Kong, it was worth paying attention to — even if almost nobody did.Subscribe nowTong Shi Fu: the copper artisanal products铜师傅 (Tong Shi Fu, or “Copper Craftmaster” if translated literally, 0664.HK) listed on the Hong Kong Stock Exchange on March 31. The IPO didn’t go well on debut — shares opened down 41% from the offering price of HK$60 and closed down nearly 49%. Not the kind of first day that generates headlines for the right reasons.But the business itself is interesting. Founded in 2013 in Hangzhou, Tong Shi Fu is China’s largest copper cultural and creative products company. It makes copper figurines, desk ornaments, and decorati…