Kayou IPO in Hong Kong: IP+ product dual-wheel drive, pan-entertainment leader redefines the industry

Author: Fei Ling

On April 14, Kayou submitted another prospectus to the Hong Kong Stock Exchange, with Morgan Stanley, CICC and JPMorgan Chase serving as joint sponsors, continuing to promote the listing process.

Compared with the first time I submitted the form a year ago, the situation of Kayou is very different. From the perspective of the external environment, as young people become the main force of consumption, the concepts of self-pleasing consumption and interest consumption that meet emotional needs, social attributes and cultural identity have gradually been accepted by the capital market. Pop Mart's stock price soared by more than 400% in the past year, rebounding more than 10 times from its lowest point, and is known as the "plastic Moutai" for young people; when Bruke went public at the beginning of the year, the financing subscription multiple was as high as 4,297 times, and the market value once exceeded HK$39 billion, and the expected price-to-earnings ratio in 2025 remained at around 25 times.

As one of the global financial centers, Hong Kong has a mature international investor base and its valuation system is more friendly to new economy companies, especially consumer brands with high growth potential. Kayou chose to go public in Hong Kong at this time,...
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