HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

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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 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