Core Insights - The report highlights the explosive growth of the bag category on the Shopee platform, driven by brand influence and consumer preference for quality and brand recognition [1][6]. Women's Bag Market - The tote bag segment is a significant growth driver, with a year-on-year GMV increase of 15%-20%, reflecting modern women's demand for large-capacity, multifunctional bags [2]. - Brand performance in women's bags is notably strong, with tote and crossbody bags seeing brand GMV growth exceeding 60%, while clutches and wallets also show substantial brand growth of 50%-60% and 30%-40%, respectively [2][12]. - The overall market for clutches, wallets, and backpacks is growing slowly, in the range of 0%-5%, indicating a stabilization in demand for these categories [2]. Men's Bag Market - The men's bag market is characterized by a functional orientation, with backpacks leading the growth at 15%-20%, followed by waist & chest bags and laptop bags at 10%-15% [3]. - Brand performance in men's bags is impressive, with laptop bags showing a brand growth rate of 40%-50%, and backpacks at 30%-40%, indicating a shift towards brand preference among male consumers [4][16]. Travel Bags and Related Categories - The recovery of the global travel market has spurred growth in travel bags and accessories, with overall GMV growth of 15%-20% [5]. - Brand travel bags are experiencing exceptional growth, with luggage brand GMV increasing by 70%-80% and travel accessories by 30%-40%, significantly outpacing the overall market [5][20]. Market Trends - The overall trend in the bag market is moving towards "branding and segmentation," with consumers increasingly valuing functionality, design, and brand value [6]. - The women's bag market emphasizes a balance of aesthetics and practicality, while the men's market focuses on functionality and quality, and the travel segment prioritizes professional design and user experience [6].

Group 1: Recent IPOs - Six new stocks were listed last week, raising approximately $1.33 billion in total [1] - MENS raised $20 million by issuing 2.67 million shares at $7.5 per share [1] - Caris Life Sciences raised $494 million by issuing 23.53 million shares at $21 per share [1] - Slide Insurance Holdings raised $408 million by issuing 24 million shares at $17 per share [1] - Enigmatig raised $14.27 million by issuing 285,000 shares at $5 per share [1] - SPAC Axiom Intelligence Acquisition raised $175 million, while Pioneer Acquisition I raised $220 million [1] - Seven companies submitted prospectuses to the SEC, including one from China, Jiamai New Materials [1] Group 2: Upcoming IPOs - Happy City Holdings Limited, a chain hotpot restaurant based in Hong Kong, plans to go public on June 24, 2025, on NASDAQ under the ticker HCHL, aiming to raise approximately $7 million by issuing 1 million shares at $5 to $7 per share [3][4] - Kandal M Venture Ltd, a luxury leather goods manufacturer, plans to go public on June 25, 2025, on NASDAQ under the ticker FMFC, aiming to raise approximately $10 million by issuing 2 million shares at $4 to $5 per share [5][7] - Jefferson Capital, Inc., a consumer debt acquisition and collection company, plans to go public on June 26, 2025, on NASDAQ under the ticker JCAP, aiming to raise approximately $170 million by issuing 10 million shares at $15 to $17 per share [9][10] Group 3: Financial Data - For the fiscal year 2023-2024, Happy City Holdings reported revenues of $6.75 million and $8.3 million, with net profits of -$1.09 million and $1.32 million respectively [4] - Kandal M Venture reported revenues of $9.52 million for the six months ending September 30, 2024, compared to $8.01 million in the same period last year, with net profits of $0.65 million and $0.77 million respectively [8] - Jefferson Capital reported revenues of $155 million for Q1 2025, up from $99.96 million in the same period last year, with net income of $64.23 million compared to $32.90 million [11]