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.

Equity Capital Markets

TOP TOY International Group / Equity Capital Markets

<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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Sunny & Sandy (Hunan) Group / Equity Capital Markets

<ul>
<li>S&amp;S strives to demonstrate that IP toys is a scalable business driven by efficiency.This "MIXUE-style" expansion strategy enables it to rapidly penetrate the vast lower-tier markets and drive explosive growth.</li>
<li>The "To C for traffic diversion + To B for stable profits" model not only builds brand recognition through terminal products but also smooths cash flow by leveraging enterprise orders.</li>
<li>Pop Mart enjoys higher valuation premium thanks to its high-barrier IP ecosystem.S&amp;S‘s model is a more "industrialized" path that tests execution ability.Valuation of S&amp;S should be lower than Pop Mart.</li>
</ul>


S&amp;S strives to demonstrate that IP toys is a scalable business driven by efficiency.This "MIXUE-style" expansion strategy enables it to rapidly penetrate the vast lower-tier markets and drive explosive growth.
The "To C for traffic diversion + To B for stable profits" model not only builds brand recognition through terminal products but also smooths cash flow by leveraging enterprise orders.
Pop Mart enjoys higher valuation premium thanks to its high-barrier IP ecosystem.S&amp;S‘s model is a more "industrialized" path that tests execution ability.Valuation of S&amp;S should be lower than Pop Mart.


Pre-IPO Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, after a stellar listing for Montage, other listings during the week didn't do much.</li>
<li>On the placement front, we had a look at a few of the upcomng lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, after a stellar listing for Montage, other listings during the week didn't do much.
On the placement front, we had a look at a few of the upcomng lockup expiries.


Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

52TOYS Development / Equity Capital Markets

<ul>
<li>52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.</li>
<li>In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.</li>
<li>52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets. </li>
</ul>


52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.
In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.
52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets. 


52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

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TOP TOY International Group (TOYTOY HK)

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

Pre-IPO Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

Sunny & Sandy shows IP toys as scalable business with efficient "MIXUE-style" expansion strategy for rapid growth, while Pop Mart's high-barrier IP...

Xinyao (Criss) Wang

Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Pre-IPO Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

Sunny & Sandy shows IP toys as scalable business with efficient "MIXUE-style" expansion strategy for rapid growth, while Pop Mart's high-barrier IP...

Xinyao (Criss) Wang

Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

​Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...

Andrei Zakharov

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...

Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...