By doubling down on C2B2C with “Yuligou” (鱼鲤购), can Xianyu (闲鱼) tap into the big business of trendy collectible toys?

Xianyu pushes into curated collectibles

Xianyu (闲鱼), Alibaba (阿里巴巴)ʼs second‑hand marketplace, has quietly made a strategic pivot: it has been reported that the app launched a dedicated interest home page called “Yuligou” (鱼鲤购) under the broader “Yuliyu” dimension, focused on anime peripherals, idol merch, and trendy collectibles such as blind‑box toys and plushes. The move signals a shift from pure C2C trading toward C2B2C — the platform intermediates supply with professional sellers and quality control — a model meant to reduce the trust and authenticity problems that plague peer‑to‑peer resale. Short sentence. Clear intent.

Why collectibles? Because Xianyu’s user base skews young and fandom‑driven. It has been reported that Xianyu’s registered users have topped hundreds of millions, with a high concentration of post‑95 and post‑00 shoppers and a claimed 50% monthly share among China’s “ACG” (anime, comics, games) audiences. C2B2C lets Xianyu offer inspection, pricing and logistics guarantees that pure C2C cannot, and gives the platform a faster path to monetization with lower friction than heavier categories such as 3C electronics.

Market headwinds and the challenge of cred

The timing is deliberate. Pop Mart (泡泡玛特), the superstar of China’s designer toy boom, has seen secondary market prices tumble and brand controversies in recent months. It has been reported that some once‑hot LABUBU variants have lost most of their resale value as production rose and speculative fervor cooled. This matters because collectors’ markets are now shifting from speculative flipping to emotional consumption and IP affinity — buyers increasingly prioritize design and collectible value over quick resale gains.

Regulatory and reputational risks also loom. Chinese platforms operate under tighter scrutiny over youth protection and platform monetization; reports of minors spending heavily on blind boxes have already drawn regulator attention. Xianyu’s bet — integrate curation, provide inspection and “interest asset” management tools, and lean on Alibaba’s ecosystem resources — is aimed at building long‑term trust and deeper community ties. But can it convert traffic into reliable, profitable transactions without repeating the boom‑and‑bust cycle of the past? Time — and the next wave of IP hits — will tell.