谷子经济热潮下，又一家卡牌公司准备冲刺港股IPO。 近日，北京超级玩咖科技有限公司Suplay Inc.（下称"Suplay"）在港交所递交上市申请，拟在香港主板上市，中金公司与摩根大通担任其联席保荐 人。 凭借与《原神》《哈利·波特》、线条小狗等全球知名IP的合作，该公司近年在收藏卡牌赛道迅速崛起。近期，其又宣布与2026中央广播电视总台春 节联欢晚会正式达成联名合作，将推出多款限定新品，共同打造全新IP形象"MABERBER小马奔奔"。 但眼下，Suplay的状况可谓难言轻松。一方面，其与业内多数公司相似，面临过度依赖授权IP的结构性风险；另一方面，正值冲刺港股上市的关键时 期，其与最大收入来源IP的授权协议却已到期失效。尽管双方仍在就续约进行洽谈，但能否成功续约、恢复合作，目前仍是未知数…… 背靠米哈游 作为一家覆盖IP、渠道全产业链的潮流IP消费品公司，Suplay成立于2019年，创始人兼CEO为文创众筹社区摩点网前COO（运营总监）黄万钧。 最初，Suplay定位为潮玩盲盒平台，主要通过微信抽盒机小程序售卖潮玩产品，并提供"一键转卖"等二手交易服务；2021年，该公司收购了潮玩设计 生产制造商"嘿 ...

Group 1 - The article discusses the expansion of Kayou, a card game company, into the Southeast Asian market, particularly Thailand, with the introduction of My Little Pony cards in local language packaging [1][3][4] - Kayou aims to replicate the success of Pop Mart by leveraging local distributors and marketing strategies to enhance brand visibility and sales in foreign markets [5][6][9] - The company has established various retail models for overseas operations, including regional agency partnerships, single-store franchises, collaborations with supermarkets, and e-commerce platforms [8][10][11] Group 2 - Kayou's strategy includes opening high-end stores in locations like Hong Kong and Macau, contrasting with its domestic focus on more affordable shopping environments [10][11] - The company is also exploring non-traditional channels, such as partnerships with cinema chains to promote limited edition cards tied to popular films [12] - Kayou has secured licensing agreements with major global IP holders, positioning itself among the top tier of domestic IP companies [16][18] Group 3 - The article highlights the challenge Kayou faces in finding a breakout product similar to Pop Mart's Labubu, as its current IPs lack the same level of global appeal [18][20] - Kayou's reliance on culturally specific IPs may hinder its ability to penetrate broader international markets, particularly in Southeast Asia where card culture is less established [21][30] - The company is compared to American trading card companies, which have successfully built a market presence through established sports IPs and diverse marketing strategies [23][24][25] Group 4 - Kayou's IPO process has faced delays, potentially due to compliance issues and the need for a stronger IP portfolio [31][32][35] - The company believes that international expansion could enhance its IP potential and support its IPO efforts by promoting Chinese cultural elements [33][35] - The future of Kayou's IPO and its impact on international growth remains uncertain, with developments expected in the coming months [35]