Jin Rong Jie·2026-01-12 07:54Core Viewpoint - Suplay Inc., a high-end collectible card company, has submitted its IPO application amid a cooling market for Hong Kong consumer stocks, with Morgan Stanley and CICC as joint sponsors [1] Group 1: Company Overview - Suplay specializes in IP collectibles and consumer products, focusing on collectible cards priced over 10 yuan, with a limited issuance strategy that combines artistic quality and collectible value [1] - The flagship brand of Suplay is "Kaka Wo," and it ranks first in China's collectible non-combat card market by GMV for 2024, surpassing the combined total of the second and third-ranked companies [1] - Suplay is the only Chinese brand among the top five global collectible non-combat card brands [1] Group 2: Leadership and Growth - The founder and CEO of Suplay, Huang Wanjun, is 32 years old and has a background as an analyst and operations director [1] - Since its establishment in 2019, Suplay has completed five rounds of financing, with its post-money valuation increasing from 5 million USD in 2020 to 100 million USD in 2025, representing a 20-fold increase over five years [1][2] Group 3: Financial Performance - Suplay's revenue for 2023, 2024, and the first three quarters of 2025 is projected to be 146 million yuan, 281 million yuan, and 283 million yuan, respectively, with net profits of 2.949 million yuan, 49.915 million yuan, and 37.074 million yuan [3] - The revenue share from Suplay's proprietary IP products has been declining, with contributions of 40.6%, 14.4%, and 4.1% of total revenue for the respective years [3] Group 4: Strategic Plans - The funds raised from the IPO will be used to expand collaborations with leading IP licensors, continue developing proprietary IP, innovate and diversify product offerings, enhance sales networks, strengthen brand operations, and seek strategic investments and acquisitions [3]