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IndustryJason Entertainment Secures Hundreds of Millions in Funding as Card Kingdom's IPO Application Expires

Jason Entertainment, the parent company of Jikashe, secured a new round of hundreds of millions in strategic funding from investors including CCTV Media Fusion Fund and Game for Peace. Meanwhile, Card Kingdom's Hong Kong IPO application lapsed as its prospectus expired. Experts note the market's growth potential but stress the need for companies to expand boundaries to overcome development ceilings.

腾讯网 · Original ↗ ·
Cards/TCGAnalysisKayou

Industry52TOYS Opens Flagship Store at Great World Singapore

52TOYS opens a flagship store in Singapore's Great World, featuring its IPs NOOK, CiCiLu, Pouka Pouka, and NINNIC, and debuting the holiday exclusive 'CiCiLu Warm Little Christmas Beads' and the 'CiCiLu Merlion Limited Edition Figure'.

52TOYS 新闻 · Original ↗ ·
IP/CollabBlind box52TOYS

Industry52TOYS Files HKEX Prospectus to Raise Funds for Channel Expansion and Overseas Expansion

52TOYS filed a prospectus with the HKEX, planning to raise funds for direct store construction and expansion in Southeast Asia, the US, and Japan. With 2024 revenue of 630 million yuan and a net loss of 122 million yuan, the company has a gross margin of 39.9% and relies heavily on licensed IPs, with core contracts expiring in 2026-2027.

腾讯网 · Original ↗ ·
Global expansionFunding/IPORetail

Industry52TOYS Opens First Flagship Store in Macau

52TOYS opened its first brand store at Studio City Macau on November 3. The over-100-square-meter store features a gilded exterior and local landmarks like the Ruins of St. Paul's. A limited Pouka Pouka vinyl plush inspired by Portuguese tarts is sold exclusively at the store, along with a designer signing event for CiCiLu.

52TOYS 新闻 · Original ↗ ·
Vinyl plushIP/CollabGlobal expansion

IndustryKotobukiya and KDDI Launch 3D Gaussian Splatting Display Test

Kotobukiya and KDDI Technology announced a joint verification of product display using the latest 3D Gaussian Splatting technique. The method renders high‑precision, lightweight models in browsers on smartphones and PCs, addressing the difficulty of showing transparent surfaces and fine details for figures and plastic models online. Data from the test will be released gradually between November and December 2025 to explore ways to improve the e‑commerce shopping experience.

寿屋 Kotobukiya（PR TIMES） · Original ↗ ·
Figures/GKAnalysisArt toys

IndustryFunko Q3 Earnings: What To Expect

Collectibles manufacturer Funko will report Q3 earnings after market hours this Thursday, having previously beaten analyst revenue expectations by 5.2%.

MSN · Original ↗ ·
MerchFunko

IndustryMegaHouse Reopens Recruitment for “Learning Universal Design with Othello” Classroom Program (Oct 28 2025)

MegaHouse announced on Oct 28 2025 that it is reopening recruitment for the elementary‑school program “Learning Universal Design with Othello.” The program supplies two universal‑design Othello boards, one standard board, plus videos, slides, lesson plans and worksheets for immediate classroom use. Over 80% of teachers who piloted it in 2024 rated it “satisfied” or higher, indicating strong educational value.

MegaHouse（PR TIMES） · Original ↗ ·

IndustryTOP TOY, Kayou, and Hitcard Advance Hong Kong IPO Plans

In September, TOP TOY, owned by MINISO, filed its prospectus with the Hong Kong stock exchange, while the trading card company Hitcard was reported to be advancing its IPO process. Earlier this year, 52TOYS and Kayou also filed applications with the Hong Kong stock exchange.

MSN · Original ↗ ·
Global expansionFunding/IPORetail

IndustryTOP TOY Files for Hong Kong IPO, Secures 400 Million RMB Funding to Acquire Multiple Toy Companies

TOP TOY submitted a prospectus to the Hong Kong Stock Exchange on September 26, 2025, to go public. In the first half of 2025, the company reported revenue of 1.36 billion RMB, gross profit of 441 million RMB, and profit of 180 million RMB. As of June 30, 2025, it operated 293 stores with over 10 million members. In July 2025, it completed an A-round financing of approximately 427 million RMB, valuing the company at 9 billion RMB.

36氪 · Original ↗ ·
RetailBlind boxFigures/GK

IndustryPOP MART Ignites Art Toy IPO Rush: Feast or Blind Box Gamble?

In August 2025, POP MART reported 13.88 billion yuan in revenue, with its stock hitting a record high. The same month, TOP TOY, backed by MINISO, secured investment from Temasek at a post-money valuation of about 10 billion HKD. Major Chinese art toy brands like POP MART, Blokees, Kayou, and 52TOYS are rushing to list or file IPOs, accelerating their expansion into Southeast Asia.

36氪 · Original ↗ ·
Blind boxPOP MARTTOP TOY

IndustryFunko faces sales challenges, analyst downgrades rating

Funko faces a tough sales environment with U.S. retail sales down double digits and retailers hesitant to take on inventory. The analyst downgrades FNKO stock to sell, citing thin gross margins, tariff threats, and tight liquidity.

Seeking Alpha · Original ↗ ·
MerchFunko

IndustryKotobukiya Announces Cumulative Shipments of Its Bishōjo Plastic Model Series Exceed 8.4 Million

Kotobukiya announced that the cumulative global shipments of its bishōjo plastic model series surpassed 8.4 million units as of June 2025. The series includes titles such as Frame Arms Girl, Megami Device, Sōsai Shōjo Teien and Arcana Dia. The company said it will continue to develop new models to meet worldwide fans’ expectations.

寿屋 Kotobukiya（PR TIMES） · Original ↗ ·
Figures/GK

IndustryBlokees: High Growth Behind IP Dependence and Channel Expansion Concerns

Blokees achieved 10 billion yuan in revenue in just two and a half years, but relies heavily on Ultraman. New IPs like Pokémon underperformed. The company expanded via low-price products and all channels, causing declining gross margins and lower channel efficiency, facing transition pains.

腾讯网 · Original ↗ ·
Building blocksBlokeesUltraman

Industry52TOYS Files HK IPO, Revenue and Profit Only 1/10 of POP MART

China's third-largest IP toy company 52TOYS filed a prospectus with the HKEX, reporting 630 million yuan in revenue and 32.01 million yuan in adjusted net profit in 2024, showing a significant gap with market leaders. The company seeks growth by expanding licensed IP and accelerating overseas expansion, but faces challenges including low gross margins, high channel dependency, and bottlenecks in developing its own IPs.

华尔街见闻 · Original ↗ ·
Global expansionFunding/IPORetail

IndustryDreams USA Secures Court Injunctions Against Counterfeit Sonny Angel®, HIPPERS®, and Smiski® Products

Dreams USA has secured two preliminary injunctions against alleged infringers of its trademarked and copyrighted Sonny Angel®, HIPPERS®, and Smiski® products in the U.S. market. The company is actively policing and pursuing legal action against various infringers, including kiosk operators, C-store owners, and social media sellers, to protect authorized distributors and prevent consumers from purchasing unauthorized and inferior products.

Yahoo Finance · Original ↗ ·
MerchArt toysSonny Angel

Industry52TOYS Files for Hong Kong IPO, Targeting Main Board Listing

52TOYS filed for a Hong Kong IPO on May 22, targeting a Main Board listing, with Citi and Huatai International as joint sponsors. According to the prospectus, 52TOYS is China's second-largest multi-category IP toy company by 2024 GMV. The company relies mainly on licensed IPs, with sales of licensed products rising from 50.2% in 2022 to 64.5% in 2024, but high licensing costs result in lower gross margins than POP MART.

36氪 · Original ↗ ·
Global expansionFunding/IPORetail

Industry52TOYS Yangzhou MixC Store Officially Opens

52TOYS opens its first store in Yangzhou MixC, located by the Slender West Lake. The store features original IP 'CiCiLu', NOOK, and the dinosaur 'Dio', alongside products like Stitch, Crayon Shin-chan, and Strawberry Bear. Promotions include discounts and gifts during the opening.

52TOYS 新闻 · Original ↗ ·
Blind boxStitchCrayon Shin-chan

IndustryTakara Tomy Arts’ Pokémon Frienda arcade machine hits 100 million plays in 273 days since its July 11 2024 launch

Takara Tomy Arts and Marvelous’ Pokémon Frienda arcade machine, launched on July 11 2024, has logged over 100 million plays in about 273 days (as of April 9 2025). Featuring twin cabinets, tag‑play and a touch‑screen interface, the machine costs up to ¥600 per play and sets the fastest cumulative‑play record for Pokémon kids’ arcade machines.

多美 Arts（PR TIMES） · Original ↗ ·
Pokémon
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