Mainland toy retailer eyes US$200m IPO

Mainland toy retailer Pop Mart is planning to submit an initial public offering application to the Hong Kong Stock Exchange as soon as this month to raise US$200 million (HK$1.56 billion) to US$300 million, Reuters reported.

Founded in 2010, the company sells blind box toys - collectible figures in mystery packaging - online and in stores in 52 Chinese cities. The Beijing-based company has hired CLSA and Morgan Stanley to arrange the deal.

Meanwhile, mainland biotech firm Kintor Pharmaceutical's IPO had attracted retail investment orders worth at least HK$17 billion, equivalent an oversubscription of 90 times, as of yesterday.

The company will price the deal tomorrow.

Also, two firms made their debut yesterday.

Ritamix Global, a Malaysia-based animal feed additives maker, surged 1.76 times to HK$2.76 on its first trading day.

But the other debutant Edensoft (1147), a mainland integrated IT solution and cloud services provider, fell 34.8 percent to HK$0.163.

In other IPO news, Dada Nexus, an operator of crowd-sourced delivery platforms in China backed by JD.Com, has filed for what could be the second large IPO in the United States by a Chinese firm since an accounting scandal at Luckin Coffee. The listing could raise about US$500 million.