Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

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

MINISO Group (9896 HK): Assessing the TOP TOY Spin-Off

China & HK Strategy: Who Are the Victims of a US Recession?

Equity Capital Markets

TOP TOY International Group / Equity Capital Markets

<ul>
<li>TOP TOY is expected to IPO in 2026. The company has completed a ~$60M Series A round that was led by Temasek at a ~$1.3B post-money valuation in July.</li>
<li>In my insight, I discuss IPO valuation, update relative valuation table and examine competitive landscape among domestic and international toymakers.</li>
<li>TOP TOY revenue growth accelerated in 2025 coupled with improving profitability and growing free cash flows. TOP TOY was a major growth engine for MINISO’s business in 3Q.</li>
</ul>


TOP TOY is expected to IPO in 2026. The company has completed a ~$60M Series A round that was led by Temasek at a ~$1.3B post-money valuation in July.
In my insight, I discuss IPO valuation, update relative valuation table and examine competitive landscape among domestic and international toymakers.
TOP TOY revenue growth accelerated in 2025 coupled with improving profitability and growing free cash flows. TOP TOY was a major growth engine for MINISO’s business in 3Q.


TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong?