Core Viewpoint - The article discusses the expansion strategy of Kayou, a card game company, as it attempts to replicate the success of Pop Mart by entering Southeast Asian markets, particularly Thailand, with localized products like My Little Pony cards [2][4]. Group 1: Market Entry Strategy - Kayou plans to establish a presence in Southeast Asia by utilizing various retail models, including regional agency partnerships, single-store franchises, collaborations with chain supermarkets, and e-commerce platforms [5][7]. - The company emphasizes the importance of local distributors to facilitate market entry and brand promotion, similar to Pop Mart's successful collaborations with local partners [7][8]. Group 2: Product Localization - Kayou's My Little Pony cards in Thailand feature Thai language packaging, indicating a tailored approach to meet local consumer preferences while maintaining product familiarity [2]. - The company has launched several popular IPs overseas, including Harry Potter and DC Comics, which have strong global recognition and appeal to younger audiences [11][13]. Group 3: Challenges and Opportunities - Kayou faces challenges in finding a breakout product akin to Pop Mart's Labubu, as its current IPs lack the same level of cultural impact and global reach [14][16]. - The company must navigate cultural barriers in Southeast Asia, where card culture is less established, and ensure that its marketing strategies resonate with local consumers [16][23]. Group 4: Competitive Landscape - Kayou's strategy includes learning from successful American card companies like Panini and Topps, which have effectively built market ecosystems and user habits over decades [20][21]. - The article highlights the need for Kayou to enhance its IP portfolio and user engagement strategies to compete effectively in the global market [23][24]. Group 5: IPO and Future Prospects - Kayou has submitted its IPO application, which could bolster its credibility and support its international expansion efforts, although there are concerns regarding compliance and IP management [24][26]. - The potential for cultural exchange through its products may also serve as a positive narrative for its IPO, enhancing its market positioning [24][26].