New stock news | TOP TOY Hong Kong IPO prospectus invalid

TOP TOY International Group Limited (referred to as TOP TOY) submitted its Hong Kong IPO prospectus on September 26, 2025, which expired on March 26, 2026, after 6 months. Morgan Stanley, UBS, and CITIC SEC were the joint sponsors at the time of submission. According to the previous prospectus, TOP TOY is the largest and fastest-growing trend toy brand in China. In 2024, the company achieved a GMV of RMB 2.4 billion in mainland China, with self-developed products accounting for nearly 50% of the revenue, making it the highest among trend toy brands in China according to Frost & Sullivan. From 2022 to 2024, the company's GMV compound annual growth rate exceeded 50%, making it the fastest-growing trend toy brand in China and the fastest to exceed RMB 1 billion in annual GMV among Chinese trend toy brands. Since opening its first store in December 2020, the company has established an integrated platform for the trend toy industry. With deep insights into trend toy enthusiasts, the company has developed industry-leading, consumer-friendly product design and IP operation capabilities. It has successfully built a multi-level IP matrix driven by owned IP, licensed IP, and third-party IPs, as well as an attractive trend toy world composed of a diverse product matrix.