52toys eyeing Hong Kong IPO

Chinese toymaker 52toys is reportedly planning a Hong Kong listing in the second half of 2025, according to International Financing Review.

The company is negotiating with investment banks, aiming to raise up to US$200 million (HK$1.56 billion), the IFR report said.

Founded in 2015, 52TOYS has released six major product lines, including blind boxes.

It has built long-term collaborations with dozens of globally renowned brands such as Disney's Toy Story franchise, while also developing its own intellectual property.

The prospective listing would make it the third mainland toymaker to go public in Hong Kong, following Pop Mart (9992) and Bloks (0325).

Pop Mart raised US$676 million in a Hong Kong initial public offering in 2020, while Bloks made its trading debut in the city in January, which became the second-largest new listing by margin loans, as well as the third most subscribed.

CICI CAO