The film, announced in a Pop Mart statement on Thursday, marks a major step in Chinese firm Pop ​Mart’s long-anticipated expansion of its best-known characters beyond collectable toys and into other ​entertainment and cultural products.

The move highlights Pop Mart’s determination to turn Labubu from a viral sensation ⁠into an entertainment franchise with broad international reach. The company underscored that ambition earlier this year ​when it said London would become its European headquarters.

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

The film is in early development and is planned as a live-action and ​CGI hybrid, according to the companies.

Pop Mart has said it is drawing on Disney’s DIS.N playbook as it ​looks to turn Labubu’s popularity into lasting success. Executives have said there is significant scope to expand Pop Mart ‌characters, ⁠such as Labubu, into content, entertainment, theme parks and additional merchandise, much as Disney has done with its best-known intellectual property.

Morningstar analyst Jeff Zhang said the partnership with Sony Pictures was a milestone in Pop Mart’s efforts to diversify its 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 global popularity has helped drive the Hong Kong-listed ​company’s shares up 64% over the past year, lifting Pop Mart’s market ​value above ⁠the combined worth of Hasbro, Mattel and Sanrio.

Kasing Lung, the Hong Kong-born artist and writer who was raised in the Netherlands, created Labubu and The Monsters in a series of picture books known ⁠as “The Monsters ​Trilogy” in 2015. Lung will serve as executive producer ​on the film.

Pop Mart is currently showcasing The Monsters as part of a global tour to mark the characters’ 10th ​anniversary, with the latest stop in Paris.