New stock news | Suplay Inc. submitted documents to the Hong Kong Stock Exchange, focusing on IP collectibles and consumer products.

According to the disclosure by the Hong Kong Stock Exchange on January 1st, Suplay Inc. has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and Morgan Stanley acting as its joint sponsors. Company Overview According to the prospectus, Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer-grade products. The company integrates globally renowned IPs into its product line, as well as introduces Chinese culture to the world through carefully selected products. The company's flagship brand, "Kakawo," holds a pioneering and leading position in the Chinese collectible card market. The company's card products are positioned as high-end, focusing on the collector's market with single card prices exceeding RMB 10. The products target strong consumer spending groups with a sense of cultural identity, including high-net-worth collectors, Generation Z consumers, and fans of popular entertainment and cross-media productions. To meet the diverse needs of consumers, the company's product portfolio consists mainly of two independent product lines: collectibles and consumer-grade products. Collectibles. Collectibles combine cultural innovation, exquisite craftsmanship, and strong collectible attributes, with IP as the core using a limited edition model. According to Frost & Sullivan data, the company's flagship product line Kakawo is the first domestic collectible card brand to be fully certified by global top rating agencies such as PSA, CGC, BGS, SGC. Consumer-grade products. Consumer-grade products aim to meet daily cultural entertainment needs, providing diversified experiences based on IP with creativity, accessibility, and broad audience appeal. This product line includes trendy toys and IP derivatives, such as collectible products and retail cards in various forms. According to Frost & Sullivan data, based on GMV projections for 2024, the company ranks first in the Chinese non-competitive collectible card market, exceeding the total of the second and third positions, while being the only Chinese brand among the top five global non-competitive collectible card brands. The company's IP resources consist of two main categories: proprietary IPs and licensed IPs. The balanced combination of these two IPs not only ensures differentiated creative space but also lays the foundation for scaled commercialization. As of September 30th, 2025, the company mainly owns 3 proprietary IPs, including Rabbit KIKI, OHO Uncle, and Shuibodan. In 2023, 2024, and for the nine months ending September 30th, 2025, the proprietary IP products contributed approximately 40.6%, 14.4%, and 4.1% of total revenue, respectively. As of September 30th, 2025, the company has reached licensing arrangements with 22 IP licensors, including exclusive cooperation with Hajime Sorayama and the Chinese National Ice and Snow Sports Team, as well as non-exclusive licensing partnerships with top global IP holders. The top five licensed IPs contributed approximately 47.8%, 61.5%, and 77.7% of total revenue in 2023, 2024, and for the nine months ending September 30th, 2025, respectively. Financial Information Revenue For the years 2023, 2024, and for the nine months ending September 30th, 2025, the company generated revenues of approximately RMB 146 million, RMB 281 million, and RMB 283 million, respectively. Profit For the years 2023, 2024, and for the nine months ending September 30th, 2025, the company recorded net profits attributable to equity shareholders of approximately RMB 2.949 million, RMB 49.115 million, and RMB 37.074 million, respectively. Gross Margin The company's gross margin for the years 2023, 2024, and for the nine months ending September 30th, 2025, were 41.7%, 45.8%, and 54.5%, respectively. Industry Overview Overview of the General Entertainment Commodity Market The general entertainment commodity market is mainly divided into card, non-card trendy toys, and other IP derivative categories. According to Frost & Sullivan reports, the global general entertainment commodity industry market size has maintained steady growth from USD 44.8 billion in 2019 to USD 82.2 billion in 2024, with a compound annual growth rate of 12.9% during this period. It is expected that from 2024 to 2029, the industry's compound annual growth rate will rise to 17.1%, and the market size is expected to reach USD 180.9 billion by 2029, highlighting the industry's strong expansion momentum. Non-competitive collectible cards are card products centered around IP, with individual card prices usually exceeding RMB 10. Their core value lies in the influence of IP and is primarily targeted at core IP fans. According to Frost & Sullivan reports, the global non-competitive collectible card market reached USD 12 billion in 2024, with a compound annual growth rate of 19.5% from 2019 to 2024. It is expected that the market will reach USD 25.7 billion by 2029, with a compound annual growth rate of 16.5% from 2024 to 2029. The Chinese non-competitive collectible card market has shown rapid growth, with a market size of RMB 6.2 billion in 2024 and a compound annual growth rate of 24.5% from 2019 to 2024, significantly higher than the global average. It is predicted that the market will maintain a compound annual growth rate of 21.4% from 2024 to 2029, with the market size surpassing RMB 16.5 billion by 2029. Competitive Landscape Analysis The global non-competitive collectible card market is highly concentrated, with leading companies dominating the market based on their IP resources, channel networks, and brand strength. In 2024, the global market was led by overseas sports IP card giants. By GMV, the top five participants collectively held a market share of 71.5%. Among them, the company is the only Chinese brand to rank in the top five globally. In the Chinese market, the top five companies in 2024 held a combined market share of 6.8% based on GMV. The company held a market share of 3.2%, ranking at the forefront and representing a significant player in the Chinese non-competitive collectible card industry. Analysis of the Non-Card Trendy Toy Industry Market Size The global market size of non-card trendy toys was USD 17 billion in 2019, reaching USD 33.4 billion in 2024, with a compound annual growth rate of 14.5% from 2019 to 2024. Non-card trendy toys have continued to hold a significant position in the market, with the market size expected to reach USD 78.8 billion by 2029, with a compound annual growth rate of 18.7%. In China, the market size of non-card trendy toys reached RMB 18.4 billion in 2019, expanding to RMB 53.3 billion in 2024, with a compound annual growth rate of 23.7% from 2019 to 2024. The expected compound annual growth rate for the next five years will be 23.3%. In the Chinese market for non-card trendy toys, the market concentration of the top ten brand owners is approximately 25.1%, providing ample market space and innovation freedom for newcomers. This market still has significant growth potential, offering abundant development opportunities for brands focusing on niche categories, original IPs, and cross-industry integration. Board of Directors Information The company's board of directors will consist of 6 members, including 2 executive directors, 1 non-executive director, and 3 independent non-executive directors. Ownership Structure As of December 24th, 2025, HLB Family Limited is fully owned by Vistra Trust (Singapore) Pte. Limited (as the trustee of the HLB Family Trust established by Mr. Huang for his own benefit). Out of the 128,149,735 common shares held by HLB Group Limited, 30,000,000 common shares were granted to Mr. Huang as restricted shares for incentive. Littlejoyce Limited and Kehuanle Limited are both 99% owned by Vistra Trust (Singapore) Pte. Limited (as the trustee of the LJK Family Trust established by Ms. Li Jing for her own benefit). In addition, Mihoyo holds 11.86% of the company's shares. Intermediary Team Joint Sponsors: J.P. Morgan Securities (Far East) Limited, China International Capital Corporation Hong Kong Securities Limited. Company Legal Advisors: Regarding Hong Kong and U.S. law: Davis Polk & Wardwell; Regarding Chinese law (including Chinese data compliance): Beijing Tongshang Law Firm; Regarding Cayman Islands law: Harney Westwood & Riegels. Joint Sponsors' Legal Advisors: Regarding Hong Kong and U.S. law: Herbert Smith Freehills Kramer; Regarding Chinese law: Beijing Tianyuan Law Firm. Auditors and Reporting Accountants: KPMG. Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance Advisors: FIRST SHANGHAI Financing Limited. (Note: Some parts of the document may be paraphrased for ease of reading.)