BEIJING, China: Pop Mart is taking its viral Labubu character to the big screen, partnering with Sony Pictures Entertainment to develop a feature film as it looks to expand beyond collectible toys.

The project marks a significant step in the Chinese toymaker's push to turn its most popular character into a broader entertainment franchise with global appeal.

Labubu, known for its distinctive "ugly-cute" look, has become a global sensation and a key driver of Pop Mart's growth. The company has been increasingly focused on extending its intellectual property into new formats, including film, content, and merchandising.

Paul King, the BAFTA-nominated filmmaker behind "Paddington", "Paddington 2" and "Wonka", is attached to direct and produce the film. He will also co-write the screenplay with Steven Levenson, best known for "Dear Evan Hansen".

The companies said the film is in early development and will combine live-action and CGI elements.

Pop Mart has previously signalled ambitions to follow a model similar to Disney's, expanding its characters into a wide range of entertainment and cultural products. Earlier this year, it said London would serve as its European headquarters, underscoring its international expansion plans.

Morningstar analyst Jeff Zhang said the collaboration with Sony Pictures marks an important milestone in diversifying the company's revenue streams.

"Given Labubu's global popularity, the movie will likely add to Pop Mart's future licensing income," Zhang said. "However ... we do not expect the news to materially impact Pop Mart's stock valuation."

Labubu's popularity has helped lift Pop Mart's shares by 64 percent over the past year, pushing its market value above the combined valuation of Hasbro, Mattel, and Sanrio.

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

Pop Mart is currently showcasing The Monsters in a global tour marking the brand's 10th anniversary, with its latest stop in Paris.