TOP TOY makes a splash in Hong Kong stock IPO, with Temasek and Raffles Capital as shareholders. It is the largest and fastest-growing trendy toy collection brand in China.

Unicorn Knows Early iponews

According to the Hong Kong Exchanges and Clearing Limited (HKEX) disclosure on March 31, Dashao Wan International Group Co., Ltd. (TOP TOY) submitted a listing application to the HKEX Main Board. JPMorgan Chase and UBS Group are the joint sponsors, and CITIC Securities is the overall coordinator.

Comprehensive | Prospectus Edited by | Arti

This article is for information-sharing purposes only and does not constitute any investment advice.

According to the prospectus, TOP TOY is the largest and fastest-growing collectible toy (潮玩) aggregation brand in China.

In 2025, the company achieved GMV of RMB 4.2 billion in Mainland China, with revenue from internally developed products accounting for more than 55%. According to Frost & Sullivan, this is the highest among collectible toy aggregation brands in China. From 2023 to 2025, the company’s GMV CAGR exceeded 50%. According to Frost & Sullivan, the company is the fastest-growing collectible toy aggregation brand in China.

Since opening its first store in December 2020, TOP TOY has established an integrated platform covering the entire collectible toy industry chain. With deep insight into collectible toy enthusiasts, the company has developed industry-leading consumer-oriented product design and IP operation capabilities.

The company has successfully built a multi-tier IP matrix driven in a coordinated manner by its own IP, licensed IP, and IP from other brands, as well as a collectible toy world composed of a diversified product matrix. The company’s product matrix covers collectible figures, 3D assembled models, vinyl plush toys, and more, enabling it to meet the diverse needs of collectible toy consumers and continuously extend its customer base.

With maximizing IP value at its core, TOP TOY has built an integrated platform that covers all key links in the industrial value chain, forming the company’s competitive advantage.

Through a diversified IP strategy, the company has built a rich and high-quality IP resource pool and formed a multi-tier IP matrix that covers its own IP, licensed IP, and IP from other brands, with continuous expansion. By continuously launching its own IP and collaborating with well-known copyright holders such as Sanrio, Disney, and Crayon Shin-chan, TOP TOY ensures that the company’s product portfolio is highly attractive and promptly adapts to market trends, thereby enabling the company to flexibly and rapidly meet the diverse needs of all consumer groups.

The company has established broad consumer reach across all channels. TOP TOY’s offline store network serves as the main place for direct interaction with consumers, providing immersive interactive experiences and generating strong brand exposure. This enables the company to collect first-hand real-time feedback, informing the company’s product design and channel assortment strategy.

In addition to its self-operated Tmall flagship store and mini program, the company’s products are also sold through other major Chinese e-commerce platforms, emerging content e-commerce platforms, Sam’s Club stores, retailers such as Don Don Donki, and other diversified retail channels. The company also enters overseas emerging markets through flexible business models.

According to Frost & Sullivan, TOP TOY is one of the few brands in the industry that has achieved full coverage of the collectible toy industry chain—from IP incubation to operations to direct interaction with consumers—and holds a leading position across the entire industry chain. As an integrated platform for the full collectible toy industry chain, the company has established a strong ecosystem of cooperation partners, forming a healthy virtuous cycle among multiple parties, driving the maximization of IP value and promoting the development of collectible toy culture.

The term “collectible toys (潮玩)” is an industry term that generally refers to toys with high collectible value. Such toys have the following five characteristics: (1) achieving high added value through unique design and IP-driven derivative creation; (2) placing great emphasis on materials selection, popular color combinations, and artistic design innovation; (3) combining viewing-and-enjoyment fun; (4) actively catering to rapidly changing trends; and (5) mainly distributing through specialized collectible toy channels.

China’s collectible toy market is experiencing rapid growth. According to Frost & Sullivan, China’s collectible toy market size increased from RMB 24.9 billion in 2020 to RMB 87.5 billion in 2025, with a CAGR of 28.6%. It is also expected to grow from RMB 126.4 billion in 2026 to RMB 331.0 billion in 2030, with a CAGR of 27.2%.

In the future, collectible toys are expected to move toward diversified development, with richer product categories, more diversified consumer experiences, and highly immersive, scenario-based interactive experiences for consumers.

TOP TOY’s IP portfolio relies on its ability to develop its own IP and attract well-known IP partners. As of the last practical date, the company has 24 proprietary IPs and 42 licensed IPs.

The core of the company’s products is internally developed products, which are developed through the company’s active participation in the design process and are based on the company’s own IP as well as licensed collaborations with well-known IP. In addition, the company purchases products directly through supplier agreements to enrich its product categories. Such products are sold directly, or jointly created with suppliers that already hold the necessary IP licenses.

TOP TOY continuously enriches its proprietary IP portfolio by acquiring and internally incubating multiple designers’ IPs (such as NiniMo, FoFo, and Mochi). The number of the company’s proprietary IPs increased from 21 as of December 31, 2025 to 24 as of the last practical date. At the same time, the company further accelerates overseas market expansion to continuously strengthen the brand’s global influence. From December 31, 2025 to the last practical date, the number of the company’s overseas stores increased by nine.

On the financial side, TOP TOY’s revenue increased from RMB 1.461 billion in 2023 to RMB 3.587 billion in 2025, with a CAGR of 56.7%.

The company primarily sells collectible toy products to generate revenue through directly operated stores, TOP TOY partner stores, offline distributors, and online channels. Other major sources of revenue include authorization fees from TOP TOY partners, sales-based royalties, and sales-based management and consulting service fees.

The company’s gross margin also increased from 31.4% in 2023 to 32.1% in 2025. The proportion of revenue contribution from internally developed products as a share of total revenue from collectible toy product sales increased from 53.6% in 2023 to 56.7% in 2025.

The company’s net profit increased from RMB 212 million in 2023 to RMB 294 million in 2024, and then decreased to RMB 101 million in 2025.

The prospectus shows that TOP TOY’s shareholders include Miniso, Temasek, Rstar Capital, and Xie Guohua, Chairman of Lingdong Chuangxiang.

The amount to be raised by TOP TOY’s Hong Kong IPO is intended for the following purposes: to further enrich the company’s diversified IP matrix and enhance IP operation capabilities. To deepen the company’s global omnichannel layout. To be used for brand building, consumer interaction, and marketing plans. To enhance supply chain strength and strengthen end-to-end digital capabilities. To be used for working capital and general corporate purposes.

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