New stock news | Lezi Tiancheng's Hong Kong stock IPO prospectus invalid

Beijing Lezi Tiancheng Culture Development Co., Ltd. (referred to as Lezi Tiancheng) submitted its Hong Kong IPO prospectus on May 22, which expired after 6 months on November 22, with Citigroup and Huatai International as joint sponsors at the time of submission. The prospectus shows that Lezi Tiancheng is a leading IP toy company in China, with over 100 proprietary and licensed IPs as of December 31, 2024. According to Zok Consulting, based on China's GMV in 2024, the company ranks second among multi-category IP toy companies in China, and based on the same standard, the company is the third largest IP toy company in China. According to Zok Consulting, the company is one of the few in the industry in China that has achieved full industry chain operations, covering IP incubation and development, product design, flexible supply chain, and all channels of sales. Through flexible supply chain management, the company has maintained an efficient, scalable operating structure. With the core strategy of "IP Hub", multi-category operational capabilities, and full industry chain layout, the company continues to launch popular licensed IP products including Crayon Shin-chan, Tom and Jerry, and others.