Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

TOP TOY International Group / Equity Capital Markets

<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)

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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