HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO TenNor Therapeutics (Suzhou) Limited - The Pipelines and the Concerns

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

Pre-IPO Bama Tea (PHIP Updates) - Some Points Worth the Attention

Pre-IPO LXJ International Holdings - The Pain Points and the Outlook

Pre-IPO Bama Tea - The Business Model, the Challenges and the Outlook

Pre-IPO Kayou - The Strength of Business Model and the Potential Risks Behind

Pre-IPO Green Tea Group (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Fujian Lemo IoT Technology - The Outlook for Growth and Profit Margins Is Not Optimistic

Equity Capital Markets

52TOYS Development / Equity Capital Markets

<ul>
<li>For IP toy, the ability to provide a variety of categories is valuable,which means brands have access to diverse/creative designs/production based on IP characteristics, highlighting/interpreting the core of each IP.</li>
<li>Driven by top-tier licensed IPs, 52TOYS achieved solid growth, but its revenue scale/profit margin are inferior to peers. Due to intense competition, 52TOYS's market share may be further squeezed.</li>
<li>The post-money valuation after Series C+ Financing is RMB4.27 billion. Based on the analysis, we think valuation of 52TOYS should be lower than <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><a href="https://www.smartkarma.com/entities/bloks-group-limited" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks (325 HK)</a>.</li>
</ul>


For IP toy, the ability to provide a variety of categories is valuable,which means brands have access to diverse/creative designs/production based on IP characteristics, highlighting/interpreting the core of each IP.
Driven by top-tier licensed IPs, 52TOYS achieved solid growth, but its revenue scale/profit margin are inferior to peers. Due to intense competition, 52TOYS's market share may be further squeezed.
The post-money valuation after Series C+ Financing is RMB4.27 billion. Based on the analysis, we think valuation of 52TOYS should be lower than Pop Mart (9992 HK), Bloks (325 HK).


Pre-IPO 52TOYS Development - The Business Model and the Concerns Behind