HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

TOP TOY International Group / Equity Capital Markets

<ul>
<li>Relying on MINISO’s mature retail system, TOP TOY has achieved scale accumulation rapidly.Real challenge lies in whether it can continuously create "blockbuster proprietary IPs" and reduce reliance on licensing model.</li>
<li>Due to smaller revenue proportion of proprietary IPs/overseas revenue and lower profit margin, valuation of TOP TOY should be lower than Pop Mart, but would be higher than MINISO.</li>
<li>If based on 2025 forecast, valuation is RMB9.3-11.2 billion. So, post-money valuation of US$1.3 billion after Series A financing is not cheap. Valuation premium space after IPO may be lower-than-expected.</li>
</ul>


Relying on MINISO’s mature retail system, TOP TOY has achieved scale accumulation rapidly.Real challenge lies in whether it can continuously create "blockbuster proprietary IPs" and reduce reliance on licensing model.
Due to smaller revenue proportion of proprietary IPs/overseas revenue and lower profit margin, valuation of TOP TOY should be lower than Pop Mart, but would be higher than MINISO.
If based on 2025 forecast, valuation is RMB9.3-11.2 billion. So, post-money valuation of US$1.3 billion after Series A financing is not cheap. Valuation premium space after IPO may be lower-than-expected.


Pre-IPO TOP TOY International Group - The Industry, the Business and the Valuation Outlook

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-toy-international-group-limited" target="_blank" data-smartkarma-citation="entities:45838:1" rel="noopener">TOP TOY International Group (TOYTOY HK)</a>  is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, UBS and CITIC.</li>
<li>TOP TOY International Group is China's largest and fastest-growing pop toy collection brand.</li>
<li>The company achieved a GMV of RMB2.4 billion in mainland China in 2024, securing its rank as the largest pop toy collection brand in the country by this metric.</li>
</ul>



TOP TOY International Group (TOYTOY HK)  is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, UBS and CITIC.
TOP TOY International Group is China's largest and fastest-growing pop toy collection brand.
The company achieved a GMV of RMB2.4 billion in mainland China in 2024, securing its rank as the largest pop toy collection brand in the country by this metric.


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-toy-international-group-limited" target="_blank" data-smartkarma-citation="entities:45838:1" rel="noopener">TOP TOY International Group (TOYTOY HK)</a> is seeking an IPO in Hong Kong. In the latest Series A financing, it is valued at US$1.3bn post-money.</li>
<li>It has solid market growth potential, IP and product development strengths, an extensive distribution network, and good leverage on its parent <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a>. </li>
<li>We initially assess a fair FY26F PER of 20-22x, equating to a slight premium to <a href="https://www.smartkarma.com/entities/bloks-group-limited" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (325 HK)</a> but a discount to <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>. </li>
</ul>



TOP TOY International Group (TOYTOY HK) is seeking an IPO in Hong Kong. In the latest Series A financing, it is valued at US$1.3bn post-money.
It has solid market growth potential, IP and product development strengths, an extensive distribution network, and good leverage on its parent MINISO Group Holding (9896 HK). 
We initially assess a fair FY26F PER of 20-22x, equating to a slight premium to Bloks Group (325 HK) but a discount to Pop Mart (9992 HK). 


TOP TOY Intl: Pre-IPO - More than Just Emotional Value

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>TOP TOY International Group Limited, a world-class pop toy brand company from China, filed to go public in Hong Kong.</li>
<li>Founded in 2020, the brand has quickly positioned itself as a domestic rival to China’s Pop Mart, capitalizing on the country’s booming “blind box” and designer toy craze.</li>
<li>TOP TOY has shown strong growth and execution, going from RMB641m in sales of pop toy products in 2022 to RMB2,554m expected this year.</li>
</ul>


TOP TOY International Group Limited, a world-class pop toy brand company from China, filed to go public in Hong Kong.
Founded in 2020, the brand has quickly positioned itself as a domestic rival to China’s Pop Mart, capitalizing on the country’s booming “blind box” and designer toy craze.
TOP TOY has shown strong growth and execution, going from RMB641m in sales of pop toy products in 2022 to RMB2,554m expected this year.


TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Top Toy International is getting ready to complete its IPO in Hong Kong in the next several months. </li>
<li>Top Toy was last valued at US$1.3 billion in July 2025 when it received a US$59.4 million Series A financing (of which Temasek contributed US$40 million for a 3.2% stake).</li>
<li>Top Toy is trading at P/E of 32x (2024 net profit) (valuation of US$1.3 billion) versus Pop Mart (P/E of 103x based on its 2024 net profit). </li>
</ul>


Top Toy International is getting ready to complete its IPO in Hong Kong in the next several months. 
Top Toy was last valued at US$1.3 billion in July 2025 when it received a US$59.4 million Series A financing (of which Temasek contributed US$40 million for a 3.2% stake).
Top Toy is trading at P/E of 32x (2024 net profit) (valuation of US$1.3 billion) versus Pop Mart (P/E of 103x based on its 2024 net profit). 


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TOP TOY International Group (TOYTOY HK)

Pre-IPO TOP TOY International Group - The Industry, the Business and the Valuation Outlook

TOP TOY's success hinges on creating blockbuster proprietary IPs to reduce reliance on licensing model. Due to low profit margin, valuation will...

Xinyao (Criss) Wang

Top Toy International Pre-IPO Tearsheet

China's top toy brand, TOP TOY International Group, plans to raise over US$300m in Hong Kong IPO with JPM, UBS, and CITIC leading the deal.

Nicholas Tan

TOP TOY Intl: Pre-IPO - More than Just Emotional Value

TOP TOY is set for an IPO in Hong Kong, boasting market growth potential, IP strength, a strong distribution network and MINISO's support. We...

Osbert Tang, CFA

TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

China's TOP TOY set to go public in Hong Kong, challenging Pop Mart with impressive growth in the "blind box" segment and designer toy market.

Andrei Zakharov

Top Toy IPO Preview

Top Toy International is getting ready to complete its IPO in Hong Kong. Top Toy was last valued at US$1.3 billion in July 2025 when it received a...

Douglas Kim

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52-week Range

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Pre-IPO TOP TOY International Group - The Industry, the Business and the Valuation Outlook

​TOP TOY's success hinges on creating blockbuster proprietary IPs to reduce reliance on licensing model. Due to low profit margin, valuation will...

Xinyao (Criss) Wang

Top Toy International Pre-IPO Tearsheet

​China's top toy brand, TOP TOY International Group, plans to raise over US$300m in Hong Kong IPO with JPM, UBS, and CITIC leading the deal.

Nicholas Tan

TOP TOY Intl: Pre-IPO - More than Just Emotional Value

​TOP TOY is set for an IPO in Hong Kong, boasting market growth potential, IP strength, a strong distribution network and MINISO's support. We...

Osbert Tang, CFA

TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

​China's TOP TOY set to go public in Hong Kong, challenging Pop Mart with impressive growth in the "blind box" segment and designer toy market.

Andrei Zakharov

Top Toy IPO Preview

Top Toy International is getting ready to complete its IPO in Hong Kong. Top Toy was last valued at US$1.3 billion in July 2025 when it received a...

Douglas Kim

TOP TOY's success hinges on creating blockbuster proprietary IPs to reduce reliance on licensing model. Due to low profit margin, valuation will...

China's top toy brand, TOP TOY International Group, plans to raise over US$300m in Hong Kong IPO with JPM, UBS, and CITIC leading the deal.

TOP TOY is set for an IPO in Hong Kong, boasting market growth potential, IP strength, a strong distribution network and MINISO's support. We...

China's TOP TOY set to go public in Hong Kong, challenging Pop Mart with impressive growth in the "blind box" segment and designer toy market.