New stock news | TOP TOY's second submission to the Hong Kong Stock Exchange

According to the disclosure by the Hong Kong Stock Exchange on March 31, TOP TOY International Group Limited (referred to as TOP TOY) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with J.P. Morgan and UBS as its joint sponsors. This is the second time the company has submitted an application to the Hong Kong Stock Exchange, having previously done so on September 26, 2025. The prospectus shows that TOP TOY is the largest and fastest-growing collectible toy brand in China. In 2025, the company achieved a GMV of 4.2 billion yuan in mainland China, with self-developed product revenue accounting for over 55%, making it the highest among collectible toy brands in China according to Frost & Sullivan. From 2023 to 2025, the company's GMV compound annual growth rate exceeded 50%, making it the fastest-growing collectible toy brand in China.