Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>The growth rate of total revenue accelerated to 245% YoY in 3Q25.</li>
<li>Within China revenue, the growth rates of both online and offline accelerated in 3Q25.</li>
<li>The company highlighted that revenues surged significantly in America and Europe.</li>
</ul>


The growth rate of total revenue accelerated to 245% YoY in 3Q25.
Within China revenue, the growth rates of both online and offline accelerated in 3Q25.
The company highlighted that revenues surged significantly in America and Europe.


Pop Mart (9992 HK): 3Q25, Revenue Up by 245% - 80% Upside

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> begins trading monthly options on the Hong Kong Exchange (HKEX) on Monday, 13 October 2025, marking its debut in the derivatives market.</li>
<li>
This Insight examines expected implied volatility, referencing both realized volatility trends and peer valuations for context. </li>
<li>
Why Read: Gain early insight into Pop Mart’s option launch, including option specifications and how implied volatility could set the tone for first-day trading.</li>
</ul>



Context:Pop Mart (9992 HK) begins trading monthly options on the Hong Kong Exchange (HKEX) on Monday, 13 October 2025, marking its debut in the derivatives market.

This Insight examines expected implied volatility, referencing both realized volatility trends and peer valuations for context. 

Why Read: Gain early insight into Pop Mart’s option launch, including option specifications and how implied volatility could set the tone for first-day trading.


Pop Mart (9992 HK): New Options Listing Poised for a Volatile Start

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss Pop Mart (9992 HK)'s valuation using Peter Lynch's PEGY ratio.</li>
<li>If Pop Mart misses current consensus estimates in 2026 and 2027 by 5%, this would result in PEGY ratio of 1.4x in 2026 which would make current valuations unattractive.</li>
<li>WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM CURRENT LEVELS OVER THE NEXT 1-2 YEARS.</li>
</ul>


In this insight, we discuss Pop Mart (9992 HK)'s valuation using Peter Lynch's PEGY ratio.
If Pop Mart misses current consensus estimates in 2026 and 2027 by 5%, this would result in PEGY ratio of 1.4x in 2026 which would make current valuations unattractive.
WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM CURRENT LEVELS OVER THE NEXT 1-2 YEARS.


Pop Mart International - Valuation Using Peter Lynch's PEGY Ratio

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> will be added to both the Hang Seng Index (HSI) and the Hang Seng China Enterprises Index (HSCEI) — effective Monday, September 8, 2025.</li>
<li>Beyond the tail winds from this technical upgrade, stock's further upside rests on investor conviction on its potential to continue to deliver strong growth beyond the short term.</li>
<li>Pop Mart’s near term growth rests on proving IP durability and executing global scale-up.</li>
</ul>



Pop Mart (9992 HK) will be added to both the Hang Seng Index (HSI) and the Hang Seng China Enterprises Index (HSCEI) — effective Monday, September 8, 2025.
Beyond the tail winds from this technical upgrade, stock's further upside rests on investor conviction on its potential to continue to deliver strong growth beyond the short term.
Pop Mart’s near term growth rests on proving IP durability and executing global scale-up.


Pop Mart (9992 HK): Index Inclusion & Beyond. Toy Craze or Emerging ACG Play?

<ul>
<li>September brings heavy index rebalancing activity. <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> will join both the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> and the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a>.</li>
<li>
The Fed is widely expected to cut rates and Asia-Pac peers (BoJ, RBA, RBI) are also meeting.</li>
<li>
Why Read: Plan ahead and take into account known market events when making investment and trading decision.</li>
</ul>


September brings heavy index rebalancing activity. Pop Mart (9992 HK) will join both the Hang Seng Index (HSI INDEX) and the Hang Seng China Enterprises Index (HSCEI INDEX).

The Fed is widely expected to cut rates and Asia-Pac peers (BoJ, RBA, RBI) are also meeting.

Why Read: Plan ahead and take into account known market events when making investment and trading decision.


Index Changes and Rate Cuts: Key Events in September 2025

China

Pop Mart International Group Limited operates as a toys wholesales company. The Company provides trendy toys designing, production, marketing, and other services. Pop Mart International Group markets its products worldwide.

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Pop Mart (9992 HK)

Pop Mart (9992 HK): 3Q25, Revenue Up by 245% - 80% Upside

The growth rate of total revenue accelerated to 245% YoY in 3Q25. Within China revenue, the growth rates of both online and offline accelerated in...

Ming Lu

Pop Mart (9992 HK): New Options Listing Poised for a Volatile Start

Pop Mart debuts monthly options on HKEX, with insights on implied volatility expected to open at a premium amid elevated market uncertainty.

Gaudenz Schneider

Pop Mart International - Valuation Using Peter Lynch's PEGY Ratio

WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM...

Douglas Kim

Pop Mart (9992 HK): Index Inclusion & Beyond. Toy Craze or Emerging ACG Play?

Pop Mart trades less like a toy maker and more like an ACG aspirant. Whether that valuation is justified depends on management’s ability to prove...

Devi Subhakesan

Index Changes and Rate Cuts: Key Events in September 2025

September packs in index rebalances, quarterly expiries, central bank calls, and Fed drama—keeping markets busy amid a light holiday calendar.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pop Mart (9992 HK): 3Q25, Revenue Up by 245% - 80% Upside

The growth rate of total revenue accelerated to 245% YoY in 3Q25. Within China revenue, the growth rates of both online and offline accelerated in...

Ming Lu

Pop Mart (9992 HK): New Options Listing Poised for a Volatile Start

​Pop Mart debuts monthly options on HKEX, with insights on implied volatility expected to open at a premium amid elevated market uncertainty.

Gaudenz Schneider

Pop Mart International - Valuation Using Peter Lynch's PEGY Ratio

WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM...

Douglas Kim

Pop Mart (9992 HK): Index Inclusion & Beyond. Toy Craze or Emerging ACG Play?

Pop Mart trades less like a toy maker and more like an ACG aspirant. Whether that valuation is justified depends on management’s ability to prove...

Devi Subhakesan

Index Changes and Rate Cuts: Key Events in September 2025

September packs in index rebalances, quarterly expiries, central bank calls, and Fed drama—keeping markets busy amid a light holiday calendar.

Gaudenz Schneider

Pop Mart debuts monthly options on HKEX, with insights on implied volatility expected to open at a premium amid elevated market uncertainty.