Core Viewpoint - The Hong Kong stock market is witnessing a surge in IP-related stocks, with companies like Pop Mart and Bluecoco reaching historical highs, and 52TOYS is set to join this trend with its upcoming IPO [1] Group 1: Company Overview - 52TOYS, founded in 2015, specializes in a variety of IP toy products including static figures, movable toys, wind-up toys, transforming mechas, assembly toys, plush toys, and related merchandise [1][2] - As of the end of last year, 52TOYS owns 35 proprietary IPs and has 80 licensed IPs, including popular franchises like Crayon Shin-chan and Disney [2] Group 2: IPO Details - 52TOYS plans to raise between $100 million to $200 million (approximately HKD 780 million to HKD 1.56 billion) through its IPO, with funds allocated for diversifying its IP matrix, product design, channel expansion, marketing, potential investments, and operational costs [1] - The company aims to complete the Hong Kong listing process in the second half of the year [1] Group 3: Sales and Distribution - 52TOYS sells its products through direct brand stores, unmanned retail machines, online platforms, and distributors, with plans to open over 100 self-operated stores in China in the coming years [3] - As of last year, the company had 10 direct brand stores and 336 distributors in China, along with 90 overseas distributors covering regions like Southeast Asia, Japan, South Korea, and North America [3] Group 4: Financial Performance - The projected revenue for 52TOYS from 2022 to 2024 is approximately CNY 463 million, CNY 482 million, and CNY 630 million, respectively, with licensed IP revenue expected to grow from CNY 233 million to CNY 406 million during the same period [3] - Recently, 52TOYS secured an investment of CNY 144 million from Wanda Film's subsidiary and Ru Yi Xing Chen, which will facilitate strategic cooperation in product development and marketing [3]