BRIEF: Bloks Group approved for Hong Kong listing
Assembly character toymaker Bloks Group Ltd. posted a new post-hearing information packet on Sunday related to its Hong Kong listing application, indicating its IPO plan has been approved by the Hong Kong Stock Exchange. Last week, the company also received a notice saying its listing plan was registered by the Mainland Chinese securities regulator, another key step for the IPO to move forward.
Bloks has been in the red for the past three years. Its revenue in the first half of this year totaled 1.05 billion yuan ($138 million), up 238% year-on-year. But it still recorded a loss of about 260 million yuan for the period. The company’s revenue mainly comes from toys from three product series, Ultraman, Transformers and Hero Infinity, which Bloks makes under IP licensing agreements with other companies.
Bloks works with more than 450 distributors, and its offline distribution channels cover all first- and second-tier cities in China, as well as more than 80% of third- and lower-tier cities. It plans to use listing proceeds to enhance its product designs and research and development capabilities.
By Lau Chi Hang
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